Question: Explain what a natural monopoly is and why it might arise. A social media platform is more attractive to each user the more it is

Explain what a natural monopoly is and why it might arise. A social media platform is more attractive to each user the more it is used by others. How does this relate to the concept of natural monopoly? If the increasing monopoly power of firms has arisen because they are natural monopolies, explain what you would expect to happen if they are broken up and split into smaller firms. (7 marks)

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