A natural monopoly is a situation where a company is the only provider of a certain good or service due to high fixed costs of entry preventing competitors. Synonyms for natural monopoly include: a single provider, sole supplier, exclusive provider, or only operator. Additionally, it can be referred to as being in a monopoly position, or having a monopoly on a particular industry. In economics, a natural monopoly is often described as a market failure and can result in higher prices and lower quality products due to lack of competition. Some potential solutions to address natural monopolies include regulation, price controls, or breaking up the company to promote competition.