Which of the following would be considered legal restrictions that prevent other firms from entering the market and providing goods and services similar to existing firms?
A) Scale of production
B) Patents
C) Occupational licensing
D) Price regulations

Question

Quizplus · Accepted Answer

Patents and occupational licensing are legal restrictions that prevent other firms from entering the market and providing goods and services similar to existing firms. Patents give the inventor exclusive rights to produce and sell an invention for a certain period of time. Occupational licensing requires individuals to obtain a license from the government in order to practice a particular occupation.

Which of the Following Would Be Considered Legal Restrictions That