What Are Industry Barriers?

We already know that high industry barriers discourage new competitors, which in turn can lead to greater pricing power. But what is pricing power in the first place?
Let's put it this way: when you as a business owner ask yourself "How much pricing power do I have?", it's the same as asking "How much can I raise the price of my products before customers get upset?".
That's why we say that pricing power refers to the ability to raise the price without reducing demand in your products.
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