Define the natural monopolies provided by a private firm

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Discuss the difference between a traditional monopoly and a natural monopoly. Include the following points in your discussion.

Identify the incentives to produce and price the product for a traditional monopoly and natural monopoly.
Is it best for society, i.e., does society receive more welfare, to have natural monopolies provided by a private firm or by the government? Explain using examples such as the U.S. Post Office, utility companies, or cable companies.

Reference no: EM13205766

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