Question

what do economies of scale, the ownership of essential raw materials, and patents have in common? they must all be present before price discrimination can be practiced. they are all barriers to entry. they all help explain why a monopolist's demand and marginal revenue curves coincide. they all help explain why the long-run average cost curve is u-shaped.

Answer 1

what do economies of scale, the ownership of essential raw materials, and patents have in common? They are all barriers to entry.

Materials or substances used in the initial stages of producing or manufacturing items are known as raw materials. On commodity exchanges around the world, raw materials are commodities that are purchased and sold. Since raw materials, like labor and capital, are factors of production, traders buy and sell them on the factor market.

Various sorts of raw materials can be employed in a wide range of goods. The inventory or input commodities that a business needs to make its products are known as raw materials. For instance, a car manufacturer would employ steel used in the construction of vehicles as a raw material.

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