USA HISTORY

Detailed explanation-1: -A monopoly is a business that is characterized by a lack of competition within a market and unavailable substitutes for its product. Monopolies can dictate price changes and create barriers for competitors to enter the marketplace.

Detailed explanation-2: -A monopoly is an economic term that refers to a lack of competition in a market or industry. Without competition, one business can become the sole proprietor of all relevant goods or services.

Detailed explanation-3: -In a monopolistic market, there is only one firm that dictates the price and supply levels of goods and services. A perfectly competitive market is composed of many firms, where no one firm has market control. In the real world, no market is purely monopolistic or perfectly competitive.

Detailed explanation-4: -Pure competition is a marketing situation where many sellers offer similar products for similar prices. In pure competition markets, corporations have little control of a product’s price. Pure competition is the opposite of a monopoly, where one company has complete price control because of little competition.

Detailed explanation-5: -The antitrust laws prohibit conduct by a single firm that unreasonably restrains competition by creating or maintaining monopoly power.