Question

A natural monopoly is a monopoly that arises because one firm can meet the entire market demand at a lower average​ _____ cost than two or more firms could. A legal monopoly is a market in which​ _____ by the granting of a public​ franchise, government​ license, patent, or copyright.

Answer 1

Answer:

Total, competition and entry are restricted

Explanation:

Monopoly is a market where there is a single seller, so the seller have the power to charge high prices from the customers. It arises because one firm meet the entire market at lower average total cost than 2 or more firms.

A legal monopoly or statutory monopoly, firm is protected by the law from the competitors. So, it provides the competition as well as the entry restriction.