A natural monopoly is a monopoly that arises because one firm can meet the entire market demand
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Question:
A natural monopoly is a monopoly that arises because one firm can meet the entire market demand at a lower average _____ cost than two or more firms could. A legal monopoly is a market in which _____ by the granting of a public franchise, government licence, patent, or copyright.
A. Fixed; competition and entry are restricted
B. Total; competition and entry are restricted
C. Variable; profits are maximized
D. Variable; costs are minimized
Related Book For
Business Law The Ethical Global and E-Commerce Environment
ISBN: 978-0071317658
15th edition
Authors: Jane Mallor, James Barnes, Thomas Bowers, Arlen Langvardt
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