when a single firm can supply the entire market at lower cost than two or more firms, we say that the industry is:

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04-11-2022
Business

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when a single firm can supply the entire market at lower cost than two or more firms, we say that the industry is:

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-11-07T22:21:32-05:00

We say that the industry is natural monopoly. A natural monopoly corporation may be the sole provider, product, or service in an industry or geographic territory.

Natural monopolies are permitted when a single firm can provide a product or service at a cheaper cost than any potential competitor, although they are frequently heavily regulated in order to safeguard consumers. Natural monopolies can also occur when one industry is far more efficient than several firms in providing the market with the good or service. A notable illustration of this is the electricity transmission industry, where once a grid is set up to distribute electricity to all of the households in a neighborhood.

To learn more about monopoly, click here.

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