Asked by
yashpreet kaur sandhu
on Oct 14, 2024
Verified
A natural monopoly occurs when a firm gains ownership of the entire stock of some natural resource and thus is able to exclude other producers.
Natural Monopoly
A market condition in which a single firm can supply a product or service to an entire market at a lower cost than could two or more firms, often due to economies of scale.
- Recognize the concept of natural monopoly and the conditions under which it occurs.
Verified Answer
KG
Learning Objectives
- Recognize the concept of natural monopoly and the conditions under which it occurs.