A natural monopoly is a market where:
a. a single firm has control over a vital natural resource.
b. many smaller firms can produce the entire market output at the same per-unit cost as could one large firm.
c. a single large firm can produce the entire market output at a lower per-unit cost than a group of smaller firms.
d. many smaller firms can produce the entire market output at a lower per-unit cost than could one large firm.
c
Economics
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