Define and give example of nature monopolies explain why they are allowed to exist in our free market system?
1 answer:
<h3><u>
Definition:</u> </h3>
A natural monopoly is created when a player in the market grows capable of offering the best service at a price its other competitors cannot.
<h3><u>
Examples:</u> </h3>
The electricity supply boards and the railway boards run by the government.
<u>Following are the reasons why such natural monopolies are allowed to exist in the free market system:
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- They offer affordability to the general public.
- They function according to the convenience of the public.
- They dispense facilities that are not offered by anyone else at the same price.
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