An industry that realizes such large economies of scale in producing its product that ________ production of that good or service is most efficient is called a natural monopoly.

A) government
B) multi-firm
C) no
D) single-firm

Natural Monopoly

A market structure where a single firm can supply a good or service to an entire market at a lower cost than two or more firms, often due to high fixed or infrastructure costs.

Economies Of Scale

The cost advantages that enterprises obtain due to their scale of operation, resulting in a decreased cost per unit of production.

Single-Firm

Refers to a market situation dominated by a single producer or service provider.