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6 October, 20:44

What is any factor that makes it difficult for a new firm to enter a market referred to as

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  1. 6 October, 20:49
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    Barriers of trade

    Explanation:

    Barriers of trade refers are obstacles that make it difficult for new business competitors to enter an industry. It is an economic term that describes restrictive conditions to entry in a particular sector. Existing firms benefit from barriers to trade as their revenues and profits are protected.

    Barriers to trade may be as a result of high start-up cost, natural reasons, or government policy. High start-up is the capital required is high that discourages new entrants. Natural reasons may include the presence of resources such as high-value minerals in specific geographical areas. Barriers to trade make the market less competitive.
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