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Which of the following would prevent "free entry" into a market? rev: 04_09_2018 Multiple Choice Open...

Which of the following would prevent "free entry" into a market?

rev: 04_09_2018

Multiple Choice

  • Open trade

  • Patents

  • Opportunity costs

  • Externalities

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Answer #1

Patents

Free entry into the market is allowed when there are no potential barriers. These barriers include legal barriers such as trademark copyright patents as well as economies of scale and ownership over key resource. Opportunity cost externalities and open trade are not entry barriers because they do not prevent entry of new firms or help in maintaining market power of existing firms. However patent provides Monopoly power to the firm by restricting others firms producing the product for at least 20 years

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