_____,Also Known as Virtual Work,has Enabled Some People to Perform

question 24

Short Answer

_____,also known as virtual work,has enabled some people to perform their jobs from home.

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Definitions:

Natural Monopoly

A market condition where a single firm can supply a product or service at a lower cost than any potential competitor, often due to economies of scale.

Cheaper Service

A service offered at a lower price relative to other similar services, emphasizing cost-effectiveness.

Perfect Competitor

A theoretical market structure where many firms sell identical products, entry and exit are easy, and no single buyer or seller can affect the market price.

Average Total Cost

The total cost of production divided by the number of units produced, representing the cost per unit of output.