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What is natural monopoly? Can you give some examples for natural monopoly?
Economists usually favor private ownership to public ownership of natural monopolies, why is it?© BrainMass Inc. brainmass.com June 3, 2020, 10:23 pm ad1c9bdddf
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A natural monopoly depicts the cost structure of a firm that includes eminent fixed cost and enormously reduced constant marginal cost. An industry is found to be in the state of natural monopoly only if one firm is capable of producing requisite output that too at a minimized social cost in comparison to two or more firms. This means that there exist the economies of scale, especially in terms of social costs. A natural monopoly persists especially in those conditions where there is huge scope ...
The expert examines natural monopoly. Examples are provided. The response addresses the queries posted in 323 Words, APA References