USA HISTORY

Detailed explanation-1: -A monopolist refers to an individual, group, or company that dominates and controls the market for a specific good or service. This lack of competition and lack of substitute goods or services means the monopolist wields enough power in the marketplace to charge high prices.

Detailed explanation-2: -Definition: A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute.

Detailed explanation-3: -Monopolies FAQs 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.

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.

Detailed explanation-5: -The state can control the monopoly by fixing the profits and the prices and ensure that the industry does not earn undue profit.