Anatural monopoly is one that: monopolizes a natural resource such as a mineral spring. has increasing returns to scale over the entire relevant range of output. typically has low fixed costs, making it easy and "natural" for it to shut out competitors. is based on control of something occurring in nature (such as diamonds).

has increasing returns to scale over the entire relevant range of output.

Explanation:

A monopoly is when there is one firm operating in an industry. A monopoly firm is a price setter and usually has high barriers to entry of firms into the industry. A monopoly earn economic profit in the long run.

A natural monopoly is when a firm is a monopoly because it has increasing returns to scale over the entire relevant range of output or because of high start up costs.

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