[求助]原版书问题，Equities/ business cycle

investment, difficult, business, industry, capacity

"24. An industry with high barriers to entry and weak pricing power most likely has: A. high barriers to exit. B. stable market shares. C. significant numbers of issued patents." "24. A is correct. An industry that has high barriers to entry generally requires substantial physical capital and/or financial investment. With weak pricing power in the industry, finding a buyer for excess capacity (i.e., to exit the industry) may be difficult." 看了答案还是不理解。为何不是ｂ呢？ If an industry has high barriers to entry, then it's most likely to be a less competitive industry . In a less competitive market (more concentrated market with few players), despite weak pricing power, I thought this leads to stable market share?

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发表于 2013-9-14 07:20 | 只看该作者

1.先来说一下B为什么是不对的，"If an industry has high barriers to entry, then it's most likely to be a less competitive industry"这句话是对的，但不是绝对的，是有exceptions的。看原版书P227页第二段、第三段开头，"Also, high barriers to entry do not automatically lead to good pricing power and attractive industry economics","Yet, all of these industries are quite competitive with limited or nonexistent pricing power."所以high barriers并不一定意味着都有高pricing power，也就不一定都有stable market share了。
2.为什么要选A的原因也很清楚，看原版书P227页最后一段，"Second,these industries all have high barriers to exit, which means they are prone to overcapacity"这一段就明确说明了什么原因可能会导致"An industry with high barriers to entry and weak pricing power"——就是high barriers to exit

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