natural monopoly definition by Wordo

Noun

Control

over

the

market

for

a

product

which

occurs

when

a

firm

gains

large

benefit

from

economies of scale

,

or

from

a

superior

business

model

or

product

,

and

is

thus

able

to

produce

a

very

large

percentage

of

the

total

market

demand

for

a

given

product

and

unintentionally

exclude

meaningful

competition

via

price

structures

.