USA HISTORY

Detailed explanation-1: -A monopoly limits available substitutes for its product and creates barriers for competitors to enter the marketplace. Monopolies can lead to unfair consumer practices. Some monopolies such as those in the utility sector are government regulated.

Detailed explanation-2: -A monopolist is an individual, group, or company that controls all of the market for a particular good or service. A monopolist probably also believes in policies that favor monopolies since it gives them greater power. A monopolist has little incentive to improve their product because customers have no alternatives.

Detailed explanation-3: -A monopoly exists when one supplier provides a particular good or service to many consumers. 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-4: -The Sherman Antitrust Act is a law passed by Congress to promote competition within the economy by prohibiting companies from colluding or merging to form a monopoly.