An Industry in Which Total Costs Are Kept to a Minimum

question 159

Multiple Choice

An industry in which total costs are kept to a minimum because only one firm serves the whole market is called a:

• A) natural monopoly.
• B) competitive monopoly.
• C) patent monopoly.
• D) limit monopoly.

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Definitions:

Random Assignment

The process of selecting participants for experimental and control groups by using a chance procedure to guarantee that each participant has an equal probability of being assigned to any of the groups; a control for selection bias.

Participant

An individual who takes part in a study or experiment, providing data for researchers to analyze.

Equal Chance

The principle that each participant or subject in a study has an equal probability of being chosen for any given condition or treatment.

Confounding Variable

is an external factor in a research study that may affect the outcome of the experiment, leading to inaccurate conclusions if not controlled.