WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a group of people with similar work skills who band together to demand change from the business they work for
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a game board that became very popular during the Gilded Age
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a business with little or no competition
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a one sided organization that specializes in only one area of expertise
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Detailed explanation-1: -A monopoly is a market structure where a single seller or producer assumes a dominant position in an industry or a sector. Monopolies are discouraged in free-market economies as they stifle competition and limit substitutes for consumers.
Detailed explanation-2: -Under a monopoly there is only one firm that offers a product or service, experiences no competition, and sets the price, thus making it a price maker rather than a price taker. Barriers to entry are high in a monopolistic market.
Detailed explanation-3: -There is no competition in a monopoly because there are no competitors. A monopoly is a marketplace in which there is only one producer and others do not or cannot enter the marketplace.
Detailed explanation-4: -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.