Natural monopoly occurs when single firm's production costs are lower than multiple firms'. High infrastructural costs create barriers to entry in industries like utilities. William Baumol defined it as industry where multi-firm production is more costly than monopoly
Fossil fuel burning accounts for 89% of global CO2 emissions. Land use change, especially deforestation, contributes 21% of total emissions. Agriculture, especially livestock, is the largest methane source. Energy sector produces around 73% of global emissions
Acid rain has pH below 5, typically ranging from 4-5. Main causes are sulfur dioxide and nitrogen oxide emissions from human activities. Natural sources include volcanic eruptions and lightning strikes
Standard Oil was founded in 1863 by John D. Rockefeller in Cleveland. By 1880, it controlled 90-95% of US oil refining through mergers and rebates. The company merged into the Standard Oil Trust in 1882
SCADA enables real-time monitoring and control of industrial processes. System interfaces with plant-floor machinery through PLCs and RTUs. Operators can view data via HMI and make informed decisions
Silver is a precious metal preferred by both beginners and experts. Silver's price is lower than gold, making it accessible for beginners. Silver serves as both investment and monetary metal