It's O(n), also check out: http://wiki.python.org/moin/TimeComplexity
This page documents the time-complexity (aka "Big O" or "Big Oh") of various operations in current CPython. Other Python implementations (or older or still-under development versions of CPython) may have slightly different performance characteristics. However, it is generally safe to assume that they are not slower by more than a factor of O(log n)...
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