In a natural monopoly, throughout the range of market demand, marginal cost is less than average cost and pulls average cost downward.
As Irving Fisher explained, a monopoly is an uncompetitive marketplace that creates a situation in which a particular person or company is the sole supplier of a particular thing.
We therefore set our own terms and prices for our consumers, and achieve high profitability.
A monopoly is a company that is the sole seller of the product and has no substitute for it. Unregulated monopolies have market power and can influence prices. Examples: Microsoft and Windows, DeBeers and Diamonds, your local natural gas company.
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