Which of the following is a barrier to entry in a perfectly competitive industry? a)brand name recognition b)patents or copyrights c)economies of scale d) all of the above are correct e)none of the above is correct

Which of the following is a barrier to entry in a perfectly competitive industry? a)brand name recognition b)patents or copyrights c)economies of scale d) all of the above are correct e)none of the above is correct

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter9: Market Structure And Long-run Equilibrium

Section: Chapter Questions

Problem 5MC

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Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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