What do you understand by a natural monopoly? Why are public utilities usually natural monopolies?

A natural monopoly is a situation in which a single firm or provider can efficiently and economically meet the entire market demand for a particular product or service. In other words, it occurs when it is more cost-effective for a single company to produce and distribute a good or service rather than having multiple competing firms in the market. Natural monopolies typically arise due to significant economies of scale, where the average ____ __________ ______ _________ _________.
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