Question

A __________________ exists when the quantity demanded in the market is less than the quantity at the bottom of the long-run average cost curve. natural monopoly monopoly oligopoly monopolistic competition

Answer 1

A natural monopoly exists when the quantity demanded in the market is less than the quantity at the bottom of the long-run average cost curve.

A natural monody happens when the first/largest supplier in the a market has a cost advantage over another supplier in their industry.