Definitions
George Stigler defined an entry barrier as "A cost of producing which must be borne by a firm which seeks to enter an industry but is not borne by firms already in the industry".
Franklin M. Fisher gave the definition "anything that prevents entry when entry is socially beneficial".
Joe S. Bain defined as a barrier to entry anything that allows incumbent firms to earn supernormal profits without threat of entry.
Read more about this topic: Barriers To Entry
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