In an Industry Characterized by a Natural Monopoly, Which of the Following

question 3

Multiple Choice

In an industry characterized by a natural monopoly, which of the following characteristics will be observed?

• A)The long-run average cost curve will be upward sloping.
• B)The market price of the product will be very low.
• C)Competition is both impossible and inefficient.
• D)Number of producers operating in this market will be low.

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Definitions:

Critical Path Method

A project management technique that identifies the longest sequence of dependent tasks and calculates the minimum project duration.

PERT Chart

A resource for project administrators to schedule, coordinate, and organize project-related tasks.

Longest Line

The longest line could refer to the greatest distance between two points in a given set or the most extended queue of people or items arranged linearly.

Leadership

The action of leading a group of people or an organization, involving guiding, inspiring, and motivating others towards achieving common goals.