Answer to Question 1
Barriers to entry can be divided into legal barriers and natural barriers. Legal barriers occur when government action blocks competition in a market. For instance, the government could grant a public franchise, government license, patent, or copyright. In all cases, the government action prevents other firms from entering the market. Alternatively, a firm might buy up a significant portion of a natural resource. For instance, DeBeers controls over 80 percent of the world's diamond market. The other type of barrier to entry is a natural barrier. A natural barrier to entry occurs when economies of scale are so large that they make it possible for one firm to meet the entire market demand at a lower price than could two or more firms. In this case, the market will naturally evolve to become a monopoly as a larger firm uses its cost advantage to cut its price and drive its high-cost, smaller competitors out of business.
Answer to Question 2
(1.) The market price of the output.
(2.) The techniques of production which are available.
(3.) The prices of inputs.
he vertebrate stomach as an example of an organ composed of all four tissue types
The five different types of leukocytes (white blood cells).
Types of white blood cells.
Types of Immunity
Segregation of chromosomes at meiosis in a 14/21 translocation carrier. Six types of gametes are pro
Determine the nominal annual rate of interest of the following ordinary general annuity.