difference between natural monopoly and artificial monopoly
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A natural monopoly is a monopoly that exists as a result of an industry having natural barriers to entry such as fixed cost and the only existing firm in the industry has been in existence for a long time making it hard for new entrants to enter and make substantial profits. It occurs mostly in provision of public services such as water.
An artificial monopoly is whereby a large firm is able to maintain control of an industry so much that it becomes difficult for others to get in.
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