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An example of a natural monopoly industry operating in South Africa include "Eskom".
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What is natural monopoly?</h3>
A natural monopoly occurs when there is an instance in which it is economically viable and better for a single entity to be in full and sole control of the production of a product or service.
Moreover, a natural monopoly is the fact that natural monopolies have extreme economies of scale. It can only start to become profitable when one single firm is able to service the majority of the market.
Learn more about natural monopoly, refer to the link:
brainly.com/question/4417882
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Answer:
According to F.A. Hayek, the fundamental problem facing every society is how to use limited resources in the most optimal way possible.
Explanation:
To Hayek, this problem could not be fully solved by any society, but the best a society could do is to rely on the price system, only possible under a free market, to signal which uses were more optimal than others.
This is also the reason why F.A. Hayek, along with fellow Austrian economists Ludwing Von Mises, believe that socialism could not work: socialism, according to Hayek and Mises, destroyes the price system, and without it, society has no rational way to allocate resources in an optimal way.
