The source of barriers to the scenarios described will be:
<u>Government impos</u>ed:
- There are a limited number of licenses for taxi drivers in NYC.
- Drug companies obtain patents so that they can recover research and development costs by the exclusive sale of the drug for some number of years.
- The government established a tariff on tea.
<u>Ownership of a key input:</u>
- Carribbean Cruz owns the only swimmable beach on an exclusive island in the Bahamas.
- The government establishes a quota on how much foreign oil can be imported.
<u>Economies of scale:</u>
- It is very expensive to build an amusement park, but not that expensive to admit an additional customer.
- Building a brewery is a high start-up cost operation.
It should be noted that government-imposed barriers are the barriers that can be in form of patents, licensing, tariffs, etc.
The ownership of key input is when the production of a good requires particular input, therefore, controlling the input can be a barrier to entry.
Economies of scale is when the long run average variable cost of a firm falls as there is an increase in output.
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Answer:
Explanation:
The partnership agreement is silent about the payment of salaries and the division of profits and losses.
Profits should be divided based on capital invested by each
The capital investment by Gillie, Taft and Dall is 60000 : 120000 : 60000 Distribution has to be in ratio of 1:2:1
Total profits are 120,000, 1:2:1 ratio
The distribution will be Gillie $30,000, Taft $60,000 and Dall $30,000.