Multiple Choice
A natural monopoly exists when
A) a monopolist produces a product, the main component of which is a natural resource.
B) economies of scale are so large that only one firm can survive and achieve low unit costs.
C) a firm is the exclusive owner of a key resource necessary to produce the firm's product.
D) there are no close substitutes for a firm's product.
Correct Answer:
Verified
Correct Answer:
Verified
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