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Natural monopoly
Meaning
Noun
●
Control over the market for a product which
occurs
when a
firm
gains
large
benefit
from
economies of scale
, or from a
superior
business model
or product, and is thus able to
produce
a very large
percentage
of the total market
demand
for a given product and
unintentionally
exclude
meaningful
competition
via price structures.
Sourced from
Wiktionary
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