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July 15, 2025 

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BARRIER TO ENTRY: An institutional, government, technological, or economic restriction on the entry of firms into a market or industry. The four primary barriers to entry are: resource ownership, patents and copyrights, government restrictions, and start-up costs. Barriers to entry are a key reason for market control and the inefficiency that this generates. In particular, monopoly, oligopoly, monopsony, and oligopsony often owe their market control to assorted barriers to entry. By way of contrast, perfect competition, monopolistic competition, and monopsonistic competition have few if any barriers to entry and thus little or no market control.

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EXCLUSIVE AGREEMENT: An agreement commonly used in the late 1800s and early 1900s between a producer and an intermediary (such as a store) in which the intermediary agrees to sell only the producer's good, while the producer agrees not to provide the good to other intermediaries in the same market. This was commonly used by firms to obtain market control for their output. The use of exclusive agreements was specifically outlawed by the Clayton Act in 1914. However, modern firms continue to use exclusive agreements with varying degrees of success.

     See also | Clayton Act | monopoly | tying contract | interlocking directorate | antitrust laws | Sherman Act | price discrimination |


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EXCLUSIVE AGREEMENT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 15, 2025].


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SELLERS' EXPECTATIONS, SUPPLY DETERMINANT

The expectations that sellers have concerning the future price of a good, which is assumed constant when a supply curve is constructed. If sellers expect a higher price, then supply decreases. If sellers expect a lower price, then supply increases. Sellers' expectations are one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and number of sellers.

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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for celebrities who speak directly to you through your television.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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