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discuss the major barriers to entry into an industry. explain how each barrier can foster either monopoly or oligopoloy

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Because new firms must start out large in order to match the low average manufacturing costs of companies already operating in the sector, scale economies of scale act as an obstacle to entry.

What do firms do?

A business is a for-profit enterprise that typically takes the form of a partnership and offers professional services like accounting or legal counsel. According to the philosophy of the firm, businesses exist to increase revenue.

Examples of firms

A individual focus, partnership, a limited liability company, and corporation are examples of firms. This term's broad application means that it cannot be used to describe the legal protections provided by a particular kind of legal entity.

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