Final answer:
The correct answer is option b. An entry barrier is a market condition or feature that new competitors must offer to survive in the industry. Examples include advanced interfaces in smartphones and safety features in automobiles.
Step-by-step explanation:
The feature of a product or service that customers have come to expect and that entering competitors must offer the same if they want to survive is known as an entry barrier. Entry barriers are market conditions such as high startup costs, brand loyalty among consumers for existing products, and regulatory requirements that prevent or discourage new competitors from easily entering an industry.
For example, in the smartphone market, an advanced touch interface might be considered an entry barrier because new smartphones are expected to have this feature in order to compete with established companies. Without offering this, a new entrant would likely struggle to gain market share. Similarly, in the automotive industry, features like airbags or ABS (anti-lock braking system) have become standard and are expected by consumers, creating an entry barrier for new manufacturers who must include these features to compete.