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Natural Monopoly and Public Utilities
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What is a natural monopoly?
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A
A market in which one firm can produce a good or service at a lower cost than any other firm.
💡 Explanation:
A natural monopoly is a market in which one firm can produce a good or service at a lower cost than any other firm. This is typically due to economies of scale, which means that the average cost of production decreases as the quantity of output increases.