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Natural Monopoly and Public Utilities
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What is a natural monopoly?
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A market in which one firm can produce a good or service at a lower cost than any other firm.
A market in which one firm has a monopoly over the production of a good or service.
A market in which one firm has a patent on the production of a good or service.
A market in which one firm has a copyright on the production of a good or service.
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