Examlex
Use the trapezoidal rule and Simpson's rule to approximate the value of the definite integral. Please give the answer to four decimal places.
Natural Monopoly
A market condition where due to high fixed costs or unique product, a single firm can supply a product or service to an entire market at a lower cost than two or more firms.
Public Utility
A company providing essential services such as water, electricity, and telecommunications to the public, often regulated by the government.
Unnatural Monopoly
A market structure where a single company dominates due to artificial barriers, such as regulations or patents, rather than market forces.
Perfectly Elastic
A situation in economic theory where a small change in price leads to an infinite change in quantity demanded or supplied.
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