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FHP International, once a large HMO in the western United States, built a hospital in Salt Lake City in the 1990s, only to find that

FHP International, once a large HMO in the western United States, built a hospital in Salt Lake City in the 1990s, only to find that - after it opened - the hospital was not needed. The company retreated from owning a hospital in this market and sole the facility for a fraction of the price of its construction. This is an example of ___. (MLO 8.3.3) Group of answer choices Monopolistic competition Product differentiation Sunk cost Switching cost

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