What Is the Defining Characteristic of a Natural Monopoly? Give

question 2

Essay

What is the defining characteristic of a natural monopoly? Give an example of a natural monopoly.

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Definitions:

Billable Hours

The hours that professionals, especially in legal and consultancy practices, charge their clients for, reflecting the amount of time spent working on client cases.

Nonbillable Hours

Time spent by professionals, like lawyers or consultants, on activities that cannot be directly charged to a client.

Maximize

To increase something to its greatest potential or highest possible level.

Regulatory Authority

A governmental agency or body responsible for exercising autonomous authority over some area of human activity in a regulatory or supervisory capacity.