Question

Examples of barriers to entry include Group of answer choices Price taking. Patents. None of the Answers are Correct. Standardized products. Economic profits.

Answer 1

Examples of barriers to entry include Patents.

What Are Barriers to Entry?

A term used in economics and business to describe variables that can deter or make it difficult for newcomers to enter a market or industry sector and so limit competition is "barriers to entry." These might include prohibitive startup fees, bureaucratic roadblocks, or other barriers that make it difficult for new rivals to enter a market. Existing businesses win from entrance barriers because they preserve their market share and capacity to make money.

There are four main types of barriers to entry:

• legal (patents/licenses),
• technical (high start-up costs/monopoly/technical knowledge),
• strategic (predatory pricing/first mover),
• brand loyalty.

Most people think of patents as temporary entry barriers put in place by the government. Patent protection, however, typically restricts access rather than blocking it. A business may enter a market that is protected as long as its product complies with a minimum standard of novelty and does not violate any active patents.

To know more about barriers to entry refer to:  brainly.com/question/12589254

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