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Which of the following characteristics is not common to monopolistic competition and perfect competition?
State and Federal Laws
The body of laws enacted by state and federal governments in the United States, governing a wide range of societal and business activities.
Business Conduct
The standards and practices that guide the behavior and operations of a company and its employees.
Society's Values
The principles and moral standards that are considered important and upheld by a group or society.
Enforceable in the Courts
Refers to the characteristic of legal agreements or actions that can be upheld or compelled by a court of law.
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