Explain the significance of the Master Theorem in determining the time complexity of recursive algorithms and provide an example of its application.

The Master Theorem provides a method to determine the asymptotic time complexity of divide-and-conquer algorithms expressed as T(n) = aT(n/b) + f(n). It evaluates the dominant term among recursive calls, partition size, and the combining function. For example, for merge sort, T(n) = 2T(n/2) + O(n), the Master Theorem gives O(n log n) time complexity, indicating efficient scaling with input size.