Which of the following is a characteristic of natural monopolies, particularly in the context of public utilities?

A natural monopoly occurs when a single company can provide a service more efficiently than multiple companies could. This is often seen in public utilities like water, electricity, and natural gas, where the infrastructure costs are very high. For example, building separate water pipes for several companies in a city would be wasteful and costly, so it makes sense for one company to provide water to everyone. Because of this, natural monopolies are typically regulated by the government to ensure fair prices and good service. This way, consumers can benefit from having a single provider without facing the disadvantages of having multiple companies competing in the same space.