USA HISTORY

Detailed explanation-1: -Answer and Explanation: A group of firms that agree to act as a monopoly is called a c) Cartel. A cartel is a group of sellers who agree to pool market power to act as a monopoly and thus increase profits. A natural monopoly is still a single seller.

Detailed explanation-2: -The sources of monopoly power include economies of scale, locational advantages, high sunk costs associated with entry, restricted ownership of key inputs, and government restrictions, such as exclusive franchises, licensing and certification requirements, and patents.

Detailed explanation-3: -Key Takeaways A monopoly is a market structure that consists of only one seller or producer. A monopoly limits available substitutes for its product and creates barriers for competitors to enter the marketplace. Monopolies can lead to unfair consumer practices.

Detailed explanation-4: -Monopolies in American history are large companies that controlled an industry or a sector, giving them the ability to control the prices of the goods and services they provided. Many monopolies were considered good monopolies, as they bring efficiency to some markets without taking advantage of consumers.