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Natural monopoly and the cost and demand curve

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Explain what natural monopoly is in terms of the relationship between cost curves and the demand curve. If the market is left to itself, what price and output will result?

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The whole idea of natural monopolies is that fixed costs (including initial investments) are so high that to have a number of companies undertake them would mean that they would all have really high costs that would then be passed on to consumers. For example, it is ...

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