Which of the following is considered a barrier to entry?

Question

Quizplus · Accepted Answer

Brand loyalty is considered a barrier to entry because it makes it difficult for new firms to enter a market and compete with established firms who have already captured the loyalty of consumers. This can be due to factors such as reputation, trust, convenience, or perceived quality of the products or services offered. Price taking refers to a market structure in which firms have no control over the price of their products, and is not considered a barrier to entry. Standardized products may make it easier for new firms to enter a market and compete on price or quality, so it is not considered a barrier to entry. Economic profit is a measure of profitability and does not directly impact a firm's ability to enter a market.

Which of the Following Is Considered a Barrier to Entry