What is a legal barrier to entry?
What will be an ideal response?
A legal barrier to entry arises when entry is restricted because a natural resource is owned by one person or the government has granted a franchise, patent, license or copyright to one person or firm.
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The above figures show the market for hamburger meat. Which figure shows the effect of a decrease in the price of a substitute like hot dogs?
A) Figure A B) Figure B C) Figure C D) Figure D
Bonnie is a self employed. She makes floral arrangements in a building she rents. She owns the delivery vehicle and has hired a delivery driver. She is an example of
A) entrepreneurial ability. B) labor. C) physical capital. D) human capital.
People who always choose not to participate in fair games are called:
a. risk takers. b. risk averse. c. risk neutral. d. broke.
How does educating its populace help a poor country improve its economic growth rate?
a. Educated people eliminate the need for expensive technology. b. Educated people can produce more advanced goods and services. c. Educated people pay high interest rates on student loans. d. Educated people use fewer resources.