Which of the Following Is Not a Barrier That Limits

question 214

Multiple Choice

Which of the following is not a barrier that limits the entry of potential competitors into a market?

• A) government licensing
• B) control over an essential resource
• C) an elastic demand for a product
• D) patent rights

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Definitions:

Demand Schedule

A list or table showing how much of a good or service consumers will want to buy at different prices.

Elasticity

The degree to which the demand or supply of a product responds to changes in price or other factors, indicating how adjustments in price can influence market dynamics.

Income Elasticity

A measure of how much the demand for a good will change in response to a change in consumers' income.

Inferior Good

An inferior good is a type of good whose demand decreases when consumer income rises, in contrast to normal goods, whose demand increases with rising incomes.