Which of the factor/s below is/are associated with a low threat of new entrants to an industry?

I. The need for large-scale production in order to be cost-efficient.

II. It is easy to gain access to distribution channels.

III. Relatively high capital requirements.

IV. It is relatively easy for buyers to switch between producers.

a.

II and IV only.

b.

I, II, III, and IV.

c.

I only.

d.

I, II and IV only.

e.

I and III only.