Classify the following as a government-enforced barrier to entry, a barrier to entry that is not government-enforced, or a situation that does not involve a barrier to entry.A patented inventionA popular but easily copied restaurant recipeAn industry where economies of scale are very small compared to the size of demand in the marketA well-established reputation for slashing prices in response to new entryA well-respected brand name that has been carefully built up over many yearsA city passes a law on how many licenses it will issue for taxicabsA city passes a law that all taxicab drivers must pass a driving safety test and have insuranceA well-known trademarkOwning a spring that offers very pure waterAn industry where economies of scale are very large compared to the size of demand in the market

Barriers to entry exist in the market which is a monopoly. A monopoly is a market where only a…

Answered: Classify the following as a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Classify the following as a government-enforced barrier to entry, a barrier to entry that is not government-enforced, or a situation that does not involve a barrier to entry.

A patented invention
A popular but easily copied restaurant recipe
An industry where economies of scale are very small compared to the size of demand in the market
A well-established reputation for slashing prices in response to new entry
A well-respected brand name that has been carefully built up over many years
A city passes a law on how many licenses it will issue for taxicabs
A city passes a law that all taxicab drivers must pass a driving safety test and have insurance
A well-known trademark
Owning a spring that offers very pure water
An industry where economies of scale are very large compared to the size of demand in the market

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