Discuss the following barriers to entry: (a) Economies of scale, (b) Exclusive franchises, (c) Control of essential
Question:
(a) Economies of scale,
(b) Exclusive franchises,
(c) Control of essential raw materials,
(d) Patents,
(e) Product differentiation,
(f) Licenses, and
(g) Price-cutting. Describe how each functions as a barrier to entry by new firms.
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a Economies of scale are declining average costs which ensure that largescale producers have a cost ...View the full answer
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