MANAGEMENT

Detailed explanation-1: -A monopoly is when one company and its product dominate an entire industry whereby there is little to no competition and consumers must purchase that specific good or service from the one company. An oligopoly is when a small number of firms, as opposed to just one, dominate an entire industry.

Detailed explanation-2: -These barriers include: economies of scale that lead to natural monopoly; control of a physical resource; legal restrictions on competition; patent, trademark and copyright protection; and practices to intimidate the competition like predatory pricing.

Detailed explanation-3: -Intent to monopolize means a specific intent to eliminate competition and to secure singular or monopoly power for a firm. Example: Predatory pricing employed with the objective of pushing competitors out of the market may constitute an attempt to monopolize.

Detailed explanation-4: -A monopoly exists when a person or business exercises complete control over a resource, industry, or market. During the 1800s and 1900s, two distinct types of monopolies developed: vertical and horizontal. In a vertical monopoly, the person or business controls the entire supply chain of an industry.