Multiple Select QuestionSelect all that applyWhich of the following are characteristics of public utilities?Multiple select question.Low barriers to entryGovernment owned or regulatedMonopolies or near monopoliesGovernment has little control over price
Question
Multiple Select QuestionSelect all that applyWhich of the following are characteristics of public utilities?Multiple select question.Low barriers to entryGovernment owned or regulatedMonopolies or near monopoliesGovernment has little control over price
Solution
The characteristics of public utilities include:
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Government owned or regulated: Public utilities are often owned or regulated by the government. This is to ensure that the services they provide, which are often essential, are accessible and affordable to the public.
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Monopolies or near monopolies: Public utilities often operate as monopolies or near monopolies. This is because it is often inefficient to have multiple companies providing the same utility service in the same area. For example, it would be impractical to have multiple companies each with their own set of power lines or water pipes.
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Low barriers to entry: This is not a characteristic of public utilities. In fact, the barriers to entry are usually high due to the significant infrastructure and investment required to provide utility services.
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Government has little control over price: This is also not a characteristic of public utilities. Since public utilities are often government owned or regulated, the government usually has significant control over the prices charged for utility services. This is to ensure that these essential services remain affordable for the public.
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