Business Practices or Conditions That Make It Difficult for New

question 3

Multiple Choice

Business practices or conditions that make it difficult for new firms to enter the market are referred to as

• A) market obstructions.
• B) barriers to entry.
• C) switching costs.
• D) import-export firewalls.
• E) preemptive practices.

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Definitions:

Autocratic Decision Procedure

A decision-making process where one person holds all the power and makes decisions without input from others.

No Participation

A situation or condition where individuals or groups are not involved or engaged in a process or activity.

Opinions

Personal beliefs or judgments that are not necessarily based on fact or knowledge.

Delegation

The act of assigning responsibility and authority to someone else to carry out specific activities while maintaining accountability.