Text Messaging Is a Viable Alternative to Phone Calls for Those

question 13

True/False

Text messaging is a viable alternative to phone calls for those with hearing impairment.

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Definitions:

Natural Monopoly

A market structure where a single firm can provide a good or service at a lower cost than any potential competitors, usually due to economies of scale.

Standard Product

A product that is uniform in quality and specifications, produced in large quantities, and often interchangeable with similar products from other manufacturers.

Highest Price

The maximum price at which a good, service, or asset is sold in the market, often influenced by factors such as scarcity, demand, and quality.

Pure Monopolist

An entity that is the sole provider of a particular product or service in a market, without any competitors, effectively controlling the market.