Final answer:
The average case time complexity of inserting a new element in a skip list with N items is O(log N).
Step-by-step explanation:
The AVERAGE case time complexity of inserting a new element in a skip list with N items is O(log N). Skip lists are a data structure that uses probabilistic balancing to provide efficient search, insertion, and deletion operations. The time complexity of these operations is determined by the height of the skip list, which is expected to be logarithmic in the number of elements.