A market in which the entire demand for a good or service can be satisfied at the least cost by a single firm is a
A)horizontal market.
B)natural monopoly.
C)contestable market.
D)perfect market.

Question

Quizplus · Accepted Answer

A natural monopoly occurs when a single firm can supply the entire market's demand for a good or service more efficiently and at a lower cost than any combination of two or more firms. This is often due to high fixed costs and significant economies of scale.

A Market in Which the Entire Demand for a Good