An industry in which any potential entrant has access to the same technology and inputs as existing firms is said to be characterized by:
A)open entry.
B)restricted entry.
C)free entry.
D)profitable entry.

Question

Quizplus · Accepted Answer

Free entry means that there are no barriers to entry, such as patent protection or government regulations, that prevent new firms from entering the industry. Therefore, any potential entrant has access to the same technology and inputs as existing firms, leading to a level playing field and competition based on efficiency and innovation. Free entry means that there are no barriers to entry, such as exclusive access to technology or inputs, that would prevent potential entrants from joining the industry. This creates a level playing field for all firms, ensuring that they have equal opportunities to compete and innovate.

An Industry in Which Any Potential Entrant Has Access to the Same