Which of the following industries is least likely to exhibit the characteristic of free entry?

Name: Which of the following industries is least likely to exhibit the characteristic of free entry?
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Question

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Municipal water and sewer services are typically heavily regulated by the government and require large upfront investments in infrastructure, making it difficult for new firms to enter the market. In contrast, the other industries listed generally have lower barriers to entry and may have more competition.

Which of the Following Industries Is Least Likely to Exhibit