Examlex
As used in economics, the notion of scarce resources means that:
Natural Monopolist
A single supplier in a market that can supply the entire market at a lower cost than any combination of two or more suppliers.
Socially Efficient
A situation in which a market or economy allocates resources in a way that maximizes the overall welfare of society.
Natural Monopolist
A company that can provide goods or services at a lower cost than any competitors can, due to economies of scale, often leading to a monopoly in the market.
Natural Monopoly
A scenario in the marketplace where only one company can offer a product or service more affordably than any would-be rival, frequently because of the cost advantages associated with large-scale operations.
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