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9 May, 14:12

Define and give example of nature monopolies explain why they are allowed to exist in our free market system?

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  1. 9 May, 14:37
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    Definition:

    A natural monopoly is created when a player in the market grows capable of offering the best service at a price its other competitors cannot.

    Examples:

    The electricity supply boards and the railway boards run by the government.

    Following are the reasons why such natural monopolies are allowed to exist in the free market system:

    They offer affordability to the general public. They function according to the convenience of the public. They dispense facilities that are not offered by anyone else at the same price.
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