If there is only one provider of electricity in a city, that market is likely to fail due to

Question

Quizplus · Accepted Answer

Lack of competition in a market can lead to monopolistic behavior, high prices, and poor quality of service. Consumers do not have other options to choose from, which means that the single provider can charge high prices without fear of losing customers. This lack of competition can ultimately lead to market failure.

If There Is Only One Provider of Electricity in a City