Which of the Following Would Be Considered Legal Restrictions That

question 13

Multiple Choice

Which of the following would be considered legal restrictions that prevent other firms from entering the market and providing goods and services similar to existing firms?

• A) Scale of production
• B) Patents
• C) Occupational licensing
• D) Price regulations

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Definitions:

Profits

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes involved in sustaining the activity.

Losses

Reductions in asset value, profit, or revenue, often indicative of a company's underperformance or adverse events.

Sole Proprietorship

A form of business in which an individual pursues business for a profit.

Small Business Ownership

The operation and responsibilities of running a small-scale business, usually characterized by limited revenue and personnel numbers.