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prirodni monopol
A situation where one firm can produce a given level of output at a lower total cost than can any combination of multiple firms. Natural monopolies occur in industries which exhibit decreasing average long-run costs due to size (economies of scale). According to economic theory, a public monopoly governed by regulation is justified when an industry exhibits natural monopoly characteristics.
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- Part of Speech: noun
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- Industry/Domain: Energy
- Category: General
- Company: California Energy Commission
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