Your answer is correct. C) firms pursuing aggressive business strategies, independent of rivals' strategies. True or false: Firms in an oligopoly always produce a homogeneous product. the differences in information which consumers have regarding various products. decreasing average total cost. Study with Quizlet and memorize flashcards containing terms like free entry, how do existing firms make it hard to enter a market, Demand side barrier and more. promote competition with. the nature of the industry leading to barriers, over which incumbent firms and new entrants have little control of. The number of options in a market confuses consumers. Types of Barriers to Entry. Do you want to learn about the factors that prevent new competitors from entering a market? Check out this set of flashcards on Quizlet that covers the definition, types, and examples of barriers to entry. the economic term. -Aggressive pricing tactics. influence the market price of the good it sells. There are two types of barriers: 1. Antidumping policy b. entry into the market is blocked b. Occurs when firms already in the industry own all a vital natural resource that a new firm would need to enter the market or when production costs favor high-volume. Government Licenses C. Study with Quizlet and memorize flashcards containing terms like A monopolistically competitive industry is characterized by _____ concentration ratios and _____ entry barriers. The entry of new firms will eventually cause price to decline. occupational licensing. It is the bottleneck point wherein even more businesses are interested to enter the market, only the chosen market is allowed to enter. -a monopoly faces a perfectly inelastic demand curve while a monopolistic competitor faces an elastic demand curve. many buyers and sellers, a standardized product, and free entry and exit. Pure monopoly refers to: A. remove barriers to entry because diseconomies of scale are so large that one firm can supply the entire market at higher average total cost than can two or more firms. a large number of firms producing a differentiated product. The theory of monopoly assumes that the monopoly firm a. Sellers are able to enter and exit the market freely. nonprice competition. Barriers to entry include 3- monopoly. We define it as marginal revenue minus marginal cost. Have high barriers to entry. Your answer is correct. Sellers are able to enter and exit the market freely. low fixed costs as a portion of total costs C. -firms may choose to set lower prices than they would charge if they maximised. refer to figure 6. Study with Quizlet and memorize flashcards containing terms like What is an entry barrier's function?, What is an exit barrier's function?, What is a natural barrier? and more. it breaks the competition law, it represents a barrier to entry since new firms will not be able to enter the market as the already existing firms have most likely colluded. Barriers to entry refer to specific initiatives and factors that can prevent newcomers from entering the market and increase competition. a market structure in which many companies sell products that are similar but not identical. products are differentiated B. Study with Quizlet and memorize flashcards containing terms like Which of the following is a characteristic of a monopoly? A. Study with Quizlet and memorize flashcards containing terms like WriteLab, the company profiled in the opening feature of Chapter 5, believes it has created a barrier to entry to enable it to maintain a leadership position in the education industry. Local electric utility. products are differentiated B. A relatively large number of sellers producing a differentiated product, for which they have some control over the price they charge, in a market with a relatively easy market entry and exit. 1 for a perfectly competitive firm. creative activity. Both competitive firms and monopolies are price takers. Barriers to entry are the legal, technological, or market forces that discourage or prevent potential competitors from entering a market. 75 pts An opportunity assessment plan: is the same thing as a business plan. -A single firm is very large. government intervention. and more. However, it should be noted that product differentiation does not serve as a barrier to entry. The four-firm concentration ratio is based on the ___. it costs $0 to start a new business in perfectly competitive markets c. barriers to entry and close substitutes D. Privilege granted to an investor, that for a specified period of time prohibits anyone else from producing or using that invention without permission. - High sunk costs for new businesses: e. firms act to maximize profit at the output level where MR=MC. Homework 9. Many buyer and sellers in the market. controls the method of production. Barriers to entry can be due to the nature of the industry. Study with Quizlet and memorize flashcards containing terms like Firms that can choose what price they will charge for their product and can increase the number of units sold by reducing price are called price searchers. Barriers to entry aid the monopoly's existence and allow the existing players to enjoy market power and market share. B) a few dominant firms and no barriers to entry. capital costs. B) A market with only one producer. close substitutes and no barriers to entry C. Ownership of essential resources C. -Innovating new product/service that gives firm a head start. -imports, however, can be potentially decrease domestic wages and recollect jobs. a ranch that expands its herd from 400 to 800 cattle without adding land. Mechanical barriers — which include the skin , mucous membranes , and fluids such as tears and urine — physically block pathogens from entering the body. Is a type of market structure characterized by low barriers to entry, many different firms, and production differentiation. distribution channels are barriers to entry. Study with Quizlet and memorize flashcards containing terms like free entry, how do existing firms make it hard to enter a market, Demand side barrier and more. Study with Quizlet and memorize flashcards containing terms like In the short run, if the product price of a perfectly competitive firm is less than the minimum average variable cost, the firm will: a) raise its price b) increase its output c) decrease its output slightly but increase its profit margin d) lose more by continuing to produce than by shutting down e). an efficient market e. it costs $0 to start a new business in perfectly competitive markets c. In economics, we refer to a situation in which there is only one firm but no real barriers to entry as a. - there is some control over price in monopolistic competition. Oct 21, 2023 · A. barriers to entry have 3 main sources - Monopoly Resources: a key resource required for production is owned by a single firm - Government Regulation: the government gives a single firm the exclusive rights to produce some good or service - The Production Process: a single firm can produce output at a lower cost than can a larger number of firms. Study with Quizlet and memorize flashcards containing terms like Which of the following is not a condition for perfect competition? A. Therefore, pure monopoly does not exist. E) a small number of firms compete. impose barriers to entry with a free- trade agreement with another country to promote competition. D) there are a large number of firms. are interdependent. An example of a barrier to entry is: a. barriers to entry are very low D. Without the existence of patents, it is argued that research and development for improved electronics is unlikely to take place, since there's nothing. Which of the following is not an example of a barrier to entry? a. Firms sell differentiated products. Barriers to entry act as a deterrent against new competitors. product development, advertising, and product packaging. The product has a number of close substitutes. Study with Quizlet and memorize flashcards containing terms like _____ prevent(s) competitive firms from entering the market and therefore preserves profits in the monopoly market. there are substantial entry barriers. a restaurant that begins to charge customers $1 for a glass of water. barriers to entry are very low D. Hey! These are the answers to the Market Structures Quick Check! I wanted to leave them here to help people study for the quick check so they can be succes. No competition exists between producers. Economies of scale: If a market has significant economies of scale that have already been exploited by the existing firms to a large extent, new entrants are deterred. existing firms will experience price leadership. types of innocent barriers to entry. create barriers to entry because a firm efficiently offers products that satisfy consumer preferences. denotes an industry characterized by many sellers of. suffered short-run economic losses until videos caught on and demand for them increased c. As a whole, they comprise one of the five forces that determine the intensity of competition in an industry (the others are industry rivalry, the bargaining power of buyers, the bargaining power of suppliers and the threat of substitutes). Barriers to entry. remove barriers to entry because diseconomies of scale are so large that one firm can supply the entire market at higher average total cost than can two or more firms. Study with Quizlet and memorize flashcards containing terms like A monopoly is defined as an industry where a firm is:, All of the following are examples of possible barriers to entry, EXCEPT: A. Study with Quizlet and memorize flashcards containing terms like barriers of entry, legal restrictions, patent and more. Study sets, textbooks, questions. Barriers to Entry (Quizlet Revision Activity) Quizzes & Activities. no close; no barrier, A constraint that protects a firm from _____ is called a barrier to. These force the. Monopolies do not. one supplier with barriers to entry. Study with Quizlet and memorize flashcards containing terms like The tools for. Diseconomies of scale. Licensing requirements are high, but the firm may consider establishing a presence in the new location to enjoy _____. few sellers. technology (skills) some markets require a high degree of technological knowledge, some jobs like. 1 / 22. Barriers to entry are factors that prevent or make it difficult for new firms to enter a market. a market situation where competition is based entirely on product differentiation and advertising. Study with Quizlet and memorize flashcards containing terms like For which of the following market structures is it assumed that there are barriers to entry? A) Perfect competition B) Monopolistic competition C) Monopoly D) all of the above E) B and C only, Use the following two statements about monopolistic competition to answer this question. In perfectly competitive markets, firms are price taker -- they accept the market price as given, but not fixed. __________ occurs when an existing firm (or firms) reacts to a new firm by dropping prices very low and, as a result, drives the new firm out of the market. distribution channels are barriers to entry. 'google it'. a large number of firms producing a differentiated product. Study with Quizlet and memorize flashcards containing terms like Which of the following is not a characteristic of a fragmented industry? A) Low barriers to entry B) Diseconomies of scale C) Constant entry of new competitors D) Very specialized customer needs E) High barriers to exit, A horizontal merger is a A) consolidation of small firms from disparate. Artificial barriers. If the market price is $30. Study with Quizlet and memorize flashcards containing terms like The internet raises the bargaining power of customers most effectively by: a)creating new opportunities for building loyal customer bases. The market contains a few large producers. product development, advertising, and product packaging. Study with Quizlet and memorize flashcards containing terms like Which of the following is a characteristic of a monopoly? A. patents d. capital costs, sunk costs, economies of scale, cost advantage. Study with Quizlet and memorize flashcards containing terms like A perfectly competitive market is characterized by: a. Legal barriers. These may include technology. All of the. 5. control of an essential resource c. Study with Quizlet and memorize flashcards containing terms like Predatory Pricing, Limit Pricing, Minimum Efficient Scale and more. price of the good, Which of the following is not necessarily a. Study with Quizlet and memorize flashcards containing terms like Market structure(s) in which the products are unique include A)Perfect Competition B)Monopolistic Competition and Oligopoly C)Monopolistic Competition and Monopolies D)Monopolistic Competition and Perfect Competition, Which market structure has the easiest barriers to entry?. Buyers and Sellers are well informed about products. Study with Quizlet and memorize flashcards containing terms like What does monopolistic competition have in common with monopoly? A. focuses on the opportunity, not the venture. Study with Quizlet and memorize flashcards containing terms like barriers, membranes, oil and more. True of False: The minimum efficient scale is the greatest rate of output at which a firm takes full advantage of economies of scale. the entry of new firms will eventually cause price to decline. the number of firms in the industry changes. Study with Quizlet and memorize flashcards containing terms like 1) Which of the following is not one of the competitive forces in Porter's model? A) Suppliers B) Other competitors C) External environment D) Customers E) Technology, 2) A manufacturer of deep-sea oil rigs may be least concerned about which of these marketplace forces? A) Product differentiation B) Traditional competitors C) Low. , Perfect competition and monopolistic competition are similar in that firms in both types of. denotes an industry characterized by many sellers of. Study with Quizlet and memorize flashcards containing terms like Which of the following are characteristics of a monopoly?, Which of the following are barriers to entry for a monopoly?, Which of the following is true for BOTH a monopoly and a perfectly competitive firm? and more. Social barriers. D) lowering transaction costs. Study with Quizlet and memorize flashcards containing terms like Oligopooly, barrier to entry, D. There are high barriers to entry. Examples such as brand loyalty, economies of scale. -reduce the market power. 5. Study with Quizlet and memorize flashcards containing terms like The change in total revenue is called _____ revenue. Firms are protected by barriers to entry. It would be difficult and very expensive, for example, to enter the airplane manufacturing business to compete against Boeing. any market in which the demand curve to the firm is downsloping. Any factor that makes it difficult for a new firm to enter the market. product differentiation. " C) A purely competitive firm is a "price taker," while a monopolist is a "price maker. Barriers to entry due to incumbent firms' actions. remove barriers to entry because such externalities. product development, advertising, and product packaging. In Figure 8. a single firm producing a product for which there are no close substitutes. sufficient strength to prevent or discourage potential competitors from entering the market B. legal restrictions, If a small town only has one grocery store, the grocer has a monopoly as a result of a. When the monopolist moves from a price of $20 to $19, the marginal revenue will:. creative activity. 2, since the MR and D are different lines, the intercept of MR and MC is ___________ on the demand line. low prices. it costs $0 to start a new business in perfectly competitive markets c. by lowering barriers to entry. A market structure in which a small number of interdependent firms compete. Dumping, When a firm sets the. Try it free. a market situation where competition is based entirely on product differentiation and advertising. The skin is the first innate barrier that works to prevent entry of any pathogens into the body. ) Pfizer is the only firm that is legally allowed to produce and sell Lipitor, a best-selling cholesterol drug. Learn about the barriers to entry that prevent new firms from entering a market and competing with existing ones. has no competition at all. 1) Structural. Study with Quizlet and memorize flashcards containing terms like When new competitors enter an industry, prices in the industry typically increase. This means as firms produce more their average costs fall. 3) Statuatory. Mechanical barriers — which include the skin , mucous membranes , and fluids such as tears and urine — physically block pathogens from entering the body. surviving firms earn only a normal level of profit in the long run. Study with Quizlet and memorize flashcards containing terms like Market structure(s) in which the products are unique include A)Perfect Competition B)Monopolistic Competition and Oligopoly C)Monopolistic Competition and Monopolies D)Monopolistic Competition and Perfect Competition, Which market structure has the easiest barriers to entry?. abnormally high profits will attract the entry of new firms. Why is the Network Effect a barrier to entry? Study with Quizlet and memorize flashcards containing terms like Barriers to Entry, Why is the Ownership of Key Resources a barrier to entry?, Why is Large Initial. Study with Quizlet and memorize flashcards containing terms like What are barriers to entry?, 5 examples of barriers to entry, "Explain one barrier to entry that is likely to exist in the tablet computer market. Why is the Network Effect a barrier to entry? Study with Quizlet and memorize flashcards containing terms like Barriers to Entry, Why is the Ownership of Key Resources a barrier to entry?, Why is Large Initial. Contestability is a term used in economics to describe a market in which there is a high degree of potential competition. 1 / 10 -strategic -legal -technical Click the card to flip 👆 Flashcards Learn Test Match Created by thesamuelsintay Terms in this set (10) what are the three categories of barriers to entry -strategic -legal -technical what are legal barriers to entry legal barriers to entry consist of: -rules and regulation - qualifications. For the automobile industry, the high capital requirements and other elements mentioned in the reading provide high barriers to entry, and recognition that auto factories are. D) a few dominant firms and low entry barriers. A) Profit maximization. one supplier and no barriers to entry. What are the 3 types of barriers? SSS. sales of the largest firms in an industry. Any significant obstacle that prevents or hinders a new firm from entering an industry and competing on an equal basis with established firms. the situation when a firm's long-run average costs fall as the firm increase output. These force the. controls the method of production. Are easy to enter and exit. AS-Level Revision guide £5. Study with Quizlet and memorize flashcards containing terms like What is Barriers to Entry? Patents are granted to inventors of a product or process for a certain number of years. Study with Quizlet and memorize flashcards containing terms like The change in total revenue is called _____ revenue. -the purpose of these is to make consumers associate a particular type of good with the firms product creating strong brand loyalty. (Round your answer to two decimal places. , Explain how each barrier can foster either monopoly or oligopoly, Which barriers, if any, do you feel give rise to monopoly that is socially justifiable? and more. Study with Quizlet and memorize flashcards containing terms like Give an example of a government-imposed barrier to entry. Study with Quizlet and memorize flashcards containing terms like All of the following are reasons that barriers to entry create oligopolies except:, The prisoner's dilemma demonstrates that following a rational, self-interested strategy may not result in the best outcome for decision makers. In economics, we refer to a situation in which there is only one firm but no real barriers to entry as a. Unequal access to distribution channels. , Oligopolistic industries are characterized by: A) a few dominant firms and substantial entry barriers. -firms may choose to set lower prices than they would charge if they maximised. low fixed costs as a portion of total costs C. A relatively small number of firms. over wide range of outputs. downward sloping, downward sloping C. Barrier to entry. Vertical barriers to entry. surviving firms earn only a normal level of profit in the long run. Therefore new firms, with. horizontal, horizontal, The two primary factors determining. Study with Quizlet and memorize flashcards containing terms like Barriers to entry, Reasons for BTE, High Startup Costs and more. Study with Quizlet and memorize flashcards containing terms like Which of the following is not considered a barrier to entry? Equilibrium pricing Import quotas Brand loyalty Control of essential factors of production, Total profit is the difference between total revenue and total cost. Summing Up Barriers to Entry. easy entry and exit C. economies of scale. entry will be blocked even if firms are earning high profits. Study with Quizlet and memorize flashcards containing terms like 1) A market structure in which there are several firms selling differentiated products is called A) perfect. horizontal, downward sloping B. Study with Quizlet and memorize flashcards containing terms like Which of the following are properties of a monopoly? (Check all that apply. What are the 3 types of barriers? SSS. entry into the market is blocked b. Natural monopolies occur when one producer. As a whole, they comprise one of the five forces that determine the intensity of competition in an industry (the others are industry rivalry, the bargaining power of buyers, the bargaining power of suppliers and the threat of substitutes). 2, since the MR and D are different lines, the intercept of MR and MC is ___________ on the demand line. , An oligopolist differs from a perfect. Examples such as brand loyalty, economies of scale. Entering/Exiting the industry. There are high barriers to entry. and more. A relatively large number of sellers producing a differentiated product, for which they have some control over the price they charge, in a market with a relatively easy market entry and exit. Barriers to entry act as a deterrent against new competitors. Many buyers and sellers participate in the market. Study with Quizlet and memorize flashcards containing terms like ______ prevent(s) competitive firms from entering the market and therefore preserves profits in the monopoly market. barriers to entry and no close substitutes B. nudeshemales, best buyappointment
In monopolistic competition, each firm supplies a small part of the market. . Barriers to entry quizlet
imperfect competition. high barriers to entry. D) very few firms. Jean Tirole and the Nobel Prize | Nobel Plenary. -Better quality of products. K: Knowledge (Existing firms know the tricks of the trade and have good relationships with suppliers) I: Integration (Vertical integration works if a firm buys distributors or suppliers then they can stop other firms from. there are no barriers to entry in oligopolies. Privilege granted to an investor, that for a specified period of time prohibits anyone else from producing or using that invention without permission. entry into the market is blocked b. many suppliers with no barriers to entry. Firms sell a standardized product. Study with Quizlet and memorize flashcards containing terms like A monopoly is defined as an industry where a firm is:, All of the following are examples of possible barriers to entry, EXCEPT: A. will not continue to earn profit because the cost of production will rise as new firms enter the market. Without the existence of patents, it is argued that research and development for improved electronics is unlikely to take place, since there's nothing. low entry barriers exist for monopolies, but not for competitive firms. Any factor that makes it difficult for a new firm to enter the market. there are many close substitutes for the products offered by each firm. ) output could be increased without an increase in total cost. creates demand for products that people otherwise do not want or need. D) there are barriers to entry. a market in which firms can enter and leave so easily that firms in the market face competition from potential entrantsentrants to contestable markets have free access to production techniques and technologyno significant entry or exit barriers to the industrynumber of firms in the market variessunk costs (money that has already been spent and. Oligopolists are large and know that their actions have an effect on one another. patents d. low entry barriers exist for monopolies, but not for competitive firms. B) produces less than the efficient quantity. many suppliers with barriers to entry. Study with Quizlet and memorize flashcards containing terms like These are characteristics of a competitive industry, except: a) Many substitutes b) No barriers to entry c) Homogenous product d) Little or no information on rivals' products, Which of the products below is towards the spectrum of perfectly competitive industry? a) Nike shoes b) Eggs c) Purdue Chicken. Any obstacles that prevent a form from setting up or extending its reach into new markets. Structural barriers. The government grants licenses to taxicab drivers, without which it is illegal to operate a taxicab. patents and Licenses. the situation when a firm's long-run average costs fall as the firm increase output. There is no substitute for a monopolist's product in the market. Impose barriers to entry with a patent, which grants exclusive right to product a good. B) each firm produces a standardized product. 2) It sells a product that is exactly the same as every other firm. a market structure that does not meet the conditions of perfect competition (the other three market structures) Perfect competition. True of False: The minimum efficient scale is the greatest rate of output at which a firm takes full advantage of economies of scale. Study with Quizlet and memorize flashcards containing terms like 41. An industry dominated by one firm is. While a monopoly, by definition, refers to a single firm, in practice people often use the term to describe a market in which one. many buyers and sellers, a standardized product, and barriers to entry and exit. Study with Quizlet and memorize flashcards containing terms like 1) Which of the following is not one of the competitive forces in Porter's model? A) Suppliers B) Other competitors C) External environment D) Customers E) Technology, 2) A manufacturer of deep-sea oil rigs may be least concerned about which of these marketplace forces? A) Product differentiation B) Traditional competitors C) Low. name 4 types of strategic barriers: brand proliferation, brand loyalty, predatory pricing and limit pricing. remove barriers to entry because diseconomies of scale are so large that one firm can supply the entire market at higher average total cost than can two or more firms. B) the possibility of reaping long run economic profits. Terms in this set (11) Barrier to Entry. New firms may find it difficult to access enough finance. -new entrants must secure distribution of its product or service. -reduce the market power. Legal barriers. Click the card to flip 👆. Study with Quizlet and memorize flashcards containing terms like barriers of entry, legal restrictions, patent and more. , patents and copyrights). " and more. Entering/Exiting the industry. Study with Quizlet and memorize flashcards containing terms like What is an entry barrier's function?, What is an exit barrier's function?, What is a natural barrier? and more. no close substitutes. patents and Licenses. 1) Structural. Types of Barriers to Entry. Privilege granted to an investor, that for a specified period of time prohibits anyone else from producing or using that invention without permission. a perfectly competitive. firms can enter and leave the industry without serious impediments,. Monopoly A market structure characterized by a single seller, a product for which there are no close substitutes, and strong barriers to entry that prevent potential competitors from. The existing firm then raises prices again. Barriers to Entry Flashcards | Quizlet Social Science Economics Barriers to Entry 5. the downward-sloping demand curves. it breaks the competition law, it represents a barrier to entry since new firms will not be able to enter the market as the already existing firms have most likely colluded. a way to attract customers through style, service, or location, but not a lower price. " C) A purely competitive firm is a "price taker," while a monopolist is a "price maker. licensing and patent system/copyright law. Study with Quizlet and memorize flashcards containing terms like What does monopolistic competition have in common with monopoly? A. Unequal access to distribution channels. the tendency of incumbent firms to create or build barriers. B) making more products available. Its barrier to entry is ________. firms can enter and leave the industry without serious impediments,. a single firm producing a product for which there are no close substitutes. A monopolist faces the market demand. A-Level Model Essays £9. barriers to entry. First, let us get an overview of barriers to entry. Try Magic Notes and save time. it must raise price on all units in order to sell a. free entry and exit B. Answer : c, Which of the following statements is true of. Profit maximization: reflects the capability of a company to produce and obtain higher benefits from the market, named profits. In this problem, b. Try Magic Notes and save time. When is a firm a monopoly, or are monopolies only theoretical concepts that do not exist? A. D) a few firms producing a. A monopolist sells 2,000 units for $20 each. Hey! These are the answers to the Market Structures Quick Check! I wanted to leave them here to help people study for the quick check so they can be succes. Study with Quizlet and memorize flashcards containing terms like _____ is a firm that is the only producer of a good or service with no close substitutes. The product has a number of close substitutes. and more. Study with Quizlet and memorize flashcards containing terms like All of the following are reasons that barriers to entry create oligopolies except:, The prisoner's dilemma demonstrates that following a rational, self-interested strategy may not result in the best outcome for decision makers. 7 Questions. Barriers to Entry. C) no barriers to entry. Luke charges a higher hourly price to business students than to liberal arts students for. new firms will enter industries where firms are earning economic profits. Barriers to entry can range from the. and more. a)is more elastic than the demand curve faced by the purely competitive firm b)is more elastic than the monopolist's demand curve c)is less elastic than the monopolist's demand curve d)will shift outward as new firms enter the industry, Product differentiation in. Barriers to Entry Flashcards | Quizlet Social Science Economics Barriers to Entry 5. Barriers to entry pose a real danger to the competitive scene since the playing field is not level and it is hardly. One difference between monopolistic competition and pure competition is that. Any obstacle/obstruction in place that may stop firms from leaving an industry. Which is the exception? a. government intervention. one of a small number of large firms that produce a homogeneous good. Local cable television service, where a licensed supplier competes with firms offering satellite service. The availability of close substitutes for a product B. Study with Quizlet and memorize flashcards containing terms like Which of the following are reasons that a monopolist is considered a price maker?, What is the shape of the product demand curve for a pure monopolist?, Which are types of barriers to entry? and more. Economies of Scale. GCSE Revision Guide £8. Compared to the purely competitive industry, a pure monopoly: Is able to use barriers to entry and maintain positive economic profits in the long run Produces an equal amount of output, but charges higher prices to cover all costs in the market Is often more efficient from society's perspective because it has big plants and it uses the newest technology Will always become competitive in the. downward sloping, horizontal D. ) output could be increased without an increase in total cost. the downward-sloping demand curves. The difference between monopolistic competition and pure competition is that in comparison to pure competition, monopolistic competition has more firms, no product differentiation, no price control, and relatively easy but not barrier-free entry. 75 pts An opportunity assessment plan: is the same thing as a business plan. -high threat of substitute products due to a large number of low-cost. Study with Quizlet and memorize flashcards containing terms like Which of the following statements is correct? a. A relatively small number of firms. Social barriers. A legal barrier to entry that grants its holder the exclusive right to sell a product for 20 years from the date the patent application is filed. remove barriers to entry because such externalities. barriers to entry have 3 main sources - Monopoly Resources: a key resource required for production is owned by a single firm - Government Regulation: the government gives a single firm the exclusive rights to produce some good or service - The Production Process: a single firm can produce output at a lower cost than can a larger number of firms. barriers to entry. . qooqootvcom tv