Problem
How will high entry barriers into a market influence (a) the long-run profitability of the firms, (b) the cost efficiency of the firms in the industry, (c) the likelihood that some inefficient (high-cost) firms will survive, and (d) the incentive of entrepreneurs to develop substitutes for the product suplied by the firms? Are competitive pressures present in markets with high barriers to entry? Discuss.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.