A(n) ________ Is a Set of Specific, Sequential Steps That

question 103

Short Answer

A(n) ________ is a set of specific, sequential steps that describe in natural language exactly what a computer program must do to complete its task.

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Definitions:

Economic Profits

Economic profits are the excess over total costs, including both explicit and implicit costs, representing the additional amount earned by resources over their next-best alternative.

Barriers to Entry

Factors that make it difficult for new firms to enter a market, such as high start-up costs or strict regulations.

Pure Monopoly

A market structure where a single seller controls the entire market for a product or service, with no close substitutes available.

Close Substitutes

Products or services that can easily replace each other in the eyes of the consumer, resulting in a high degree of interchangeability and competition.