| 单词 | natural monopoly |
| 释义 | natural monopoly A monopoly based on an overwhelming cost advantage for the incumbent firm. This may be because it possesses some unique natural resource, for example a mine tapping the only known deposits of a particular mineral; or because of past capital installations which would have to be duplicated by a competitor, for example domestic electricity supply. This is contrasted with a statutory monopoly, where the incumbent's position is based on laws to exclude possible rivals. Where the incumbent's advantage derives from sole access to the necessary technology, this is a natural monopoly if it is based on inability of others to match the know-how, but not if it is based merely on exclusive possession of patent. |
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