Asked by
JONAH DANE BAUTISTA
on Oct 12, 2024Verified
Each of the following is a legal barrier to entry into an industry except
A) government licensing.
B) patents.
C) government franchising.
D) All of these choices are legal barriers.
Government Licensing
The process by which a government authority grants permission to individuals or businesses to operate within a regulated profession or activity.
Patents
Legal documents granting inventors exclusive rights to their inventions for a certain period, preventing others from making, using, or selling the invention without permission.
Government Franchising
A method whereby the government grants a private entity the right to operate a public service or business within a certain territory or function.
- Understand legal barriers to entry and their impact on monopoly power.
Verified Answer
LH
Learning Objectives
- Understand legal barriers to entry and their impact on monopoly power.