Licensing and Permit Requirements Are Two Examples of Which Type

question 36

Multiple Choice

Licensing and permit requirements are two examples of which type of entry barrier?

• A) government policy
• B) differentiation
• C) switching costs
• D) economies of scale

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Definitions:

Attainable Combination

An attainable combination is a set of goods or services that can be produced or provided with the available resources and technology, without overextending production capabilities.

Economy Will Produce

The total amount of goods and services that an economy is capable of producing at a given time and level of resources.

Efficient Combination

The optimal use or allocation of resources to achieve the best possible outcome or production level.

Economy Will Produce

Refers to the total output of goods and services that an economy generates over a specific time frame.