Natural Monopoly and Public Utilities

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Multiple Choice

What is a natural monopoly?

  1. A market in which one firm can produce a good or service at a lower cost than any other firm.
  2. A market in which one firm has a monopoly over the production of a good or service.
  3. A market in which one firm has a patent on the production of a good or service.
  4. A market in which one firm has a copyright on the production of a good or service.
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