Joint lobbying efforts by industry incumbents can increase the cost of entry into an industry.

Question

Quizplus · Accepted Answer

Joint lobbying efforts by industry incumbents can lead to the creation or strengthening of regulations and barriers to entry, which can increase the cost of starting a business in that industry. This can make it more difficult for new entrants to compete with established players, effectively reducing competition in the market.

Joint Lobbying Efforts by Industry Incumbents Can Increase the Cost