My econ professor talked about natural monopolies today (ie non-govt interference ones) and he drew this on the board...
He said this was the situation for the electric utilities back in the day. One company had 90% market share and their average cost was really low due to economies of scale. All potential competitors knew this and so they didn't try to compete.
I have heard a lot that natural monopolies never happen. Is there a good Austrian explanation for this?