Barriers to Entry in Industry Analysis

In the context of competitive forces affecting a company's operations within its industry, understanding the barriers to entry can provide valuable insights into the competitive landscape. Barriers to entry are defined as obstacles that make it difficult for new competitors to enter a market. When barriers are high, it can protect existing firms from new entrants, leading to more stable profitability for those firms.

Which of the following is considered a barrier to entry that can limit competition in an industry?