Examlex
You would like to identify as many bacterial species as possible in the human mouth. Why is biochemical testing not the most efficient and accurate method of completing this task?
Barriers To Entry
Obstacles that make it difficult for new competitors to enter a market, which can include high startup costs, regulatory requirements, or established brand loyalty.
Economic Profits
The excess of total revenue over total costs, including both explicit and implicit costs, signifying a return beyond the normal profit level.
Natural Monopoly
A market situation where due to high fixed or startup costs, a single firm can supply a product or service at a lower cost than any potential competitor, leading to a dominance of the market.
Long-Run Average Costs
Reflects the per-unit cost of production when all inputs are considered variable over time, highlighting economies of scale.
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