What is a natural monopoly?

1. What is a natural monopoly? What type of entry barrier would prohibit the entry of new firms into a natural monopoly market?
2. The market structure for cloud computing services is best described as oligopoly. Briefly describe the main characteristics of an oligopoly market.
3. Beginning with Adam Smith, many economists have argued that consumers benefit from competition among firms in the same markets. How would competition among Amazon, Microsoft and other providers of cloud computing services benefit their customers?

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