Occupational Licensing Is an Example of an Entry Barrier That

question 246

True/False

Occupational licensing is an example of an entry barrier that improves a country's standard of living.

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Definitions:

Cost Of Goods Sold

The particular expenses associated with generating the goods a business sells, covering labor and materials.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen.

Manufacturing Company

An enterprise engaged in the transformation of raw materials or parts into finished goods through the use of labor, machines, tools, and chemical or biological processing or formulation.

Gross Margin

The difference between revenue and cost of goods sold, divided by revenue, representing the percentage of each dollar of revenue that the company retains as gross profit.