Asked by
Mackenzie Harvey
on Nov 26, 2024
Verified
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.
Natural Monopoly
A market condition where a single firm can supply a good or service to an entire market at a lower cost than what two or more companies could.
Least Cost
Refers to the most cost-effective method of producing a given level of output without sacrificing quality.
Horizontal Market
A market that meets a specific need across multiple industries, rather than being confined to a particular sector.
- Familiarize oneself with the concept of natural monopoly and the approach of governmental intervention for its regulation.
Verified Answer
KV
Learning Objectives
- Familiarize oneself with the concept of natural monopoly and the approach of governmental intervention for its regulation.