A Natural Monopoly Is Most Likely to Occur in Which

question 42

Multiple Choice

A natural monopoly is most likely to occur in which of the following industries?

• A)the pharmaceutical industry because the development and approval of new drugs through the Food and Drug Administration can take more than 10 years
• B)the diamond mining and marketing industry because one firm can control a key resource
• C)the software industry because of the importance of network externalities
• D)an industry where fixed costs are very large relative to variable costs

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Definitions:

Binary Search Algorithm

An efficient algorithm for finding a target value within a sorted array by repeatedly dividing in half the portion of the list that could contain the target.

Infinite Recursion

A situation in which a function or method calls itself without an exit condition, leading to a stack overflow error.

Base Case

In recursive programming, a condition that stops the recursion by not making any further calls.

Recursive Methods

Functions or methods in programming that solve problems by calling themselves with modified arguments, often with a base case to end the recursion.