Asked by
Brittnie Nolfo
on Nov 05, 2024Verified
The barrier to entry which requires electricians to be licensed is an example of
A) government rules.
B) economies of scale.
C) patents.
D) ownership of a scarce factor of production.
Government Rules
Regulations and guidelines established by government authorities to govern behavior, enforce standards, and protect the public interest.
Economies Of Scale
The cost per output unit tends to decrease as the operational scale increases, providing companies with financial advantages due to their size.
- Comprehend the role of governmental intervention and regulation in providing or restricting monopolies.
Verified Answer
AP
Learning Objectives
- Comprehend the role of governmental intervention and regulation in providing or restricting monopolies.