A natural monopoly occurs when the most efficient number of firms in the industry is one. A natural monopoly will typically have very high fixed costs meaning that it impractical to have more than one firm producing the good.
Examples are Gas network, Electricity grid
Railway infrastructure.
A natural monopoly poses a difficult challenge for competition policy, because the structure of costs and demand seems to make competition unlikely or costly.
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~Melis
Answer:
Traditional technologies were initially invented during the time when knowledge were still limited. So, their maximum potential were left undiscovered by the people who live in the past.
The efficiency of traditional technologies can be massively improved by adding some key features of modern inventions.
For example, Wheels has existed since 3,500 B.C. But it only reach its maximum potential in terms of speed, durability, and resistance power only after the latest latex and steel technology was invented .
Other example would be light bulbs. It was created in 1879, but only reach it maximum potential in term of energy efficiency after the invention of LED technology.
Two reasons Rome fell:
- Invasions by Barbarian tribes
- Military overspending
<span>Both industries need to become more customer-focused. Though their focus on profits is understandable, the decline in profits will continue if consumers see that the product they are receiving is lackluster. People drive or take buses or trains more often than they fly because flying has become so inconvenient and expensive. People hold on to cars well past their expiration dates because cars are so expensive and car salesmen are too pushy.</span>
Answer:
Americans have often prided themselves on their rich diversity.
Explanation:
