Hospitals and universities are very expensive to run due not only to the capital equipment that is required for each,but also due to the personnel such as specialized medical doctors and researchers.The cost of these types of institutions is an example of

Question

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The high cost of hospitals and universities creates a barrier to entry for potential competitors who cannot afford to invest as much in capital equipment and personnel. This enhances the existing barriers to entry in the industry, making it more difficult for new entrants to compete with established institutions.

Hospitals and Universities Are Very Expensive to Run Due Not