Which Type of Barrier to Entry Allowed BHP to Maintain

question 64

Multiple Choice

Which type of barrier to entry allowed BHP to maintain a monopoly in the Australian steel industry for many years?

• A) ownership of a scarce factor of production
• B) legal controls
• C) a patent
• D) diseconomies of scale

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Definitions:

Output

The volume of goods or services produced by a human, mechanical, or industrial source.

Nash Equilibrium

A concept in game theory where no participant can gain by unilaterally changing their strategy, assuming other participants' strategies remain unchanged.

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Revenues

The total income generated by a firm or organization from its activities, before any expenses are subtracted.