What is a natural monopoly? Provide a real-life example.
A monopoly is a single business that supplies a product that lacks close substitutes. Due to lack of competition, a monopoly company has market power, that is, the capacity of one firm to unjustifiably sway the market prices.
Answer and Explanation:
A natural monopoly refers to an industry in which a single company can deliver a good or service to the whole market at a lesser cost than if two or...
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from Intro to Business: Help and ReviewChapter 3 / Lesson 13