GK
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When one company/group makes a product.
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When one company/group wraps a product.
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When one company/group controls a product.
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When one company/group sells a product.
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Detailed explanation-1: -A monopolistic market is typically dominated by one supplier and exhibits characteristics such as high prices and excessive barriers to entry. A monopolist is an individual, group, or company that controls the market for a good or service. Monopolists often charge high prices for their goods.
Detailed explanation-2: -In a monopolistic market, the monopoly, or the controlling company, has full control of the market, so it sets the price and supply of a good or service.
Detailed explanation-3: -In a vertical monopoly, the person or business controls the entire supply chain of an industry. This is sometimes called vertical integration. Andrew Carnegie, the first to use vertical integration, used this business practice to dominate the steel market.