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 businesses that work together to provide consumers with the best prices.
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An organization of businesses that attempt to provide a wide variety of products to the markets.
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An old monocle wearing man determined to put as many hotels on Park Place & Boardwalk as possible.
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A market in which there is only one supplier of a product & no market competition.
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Detailed explanation-1: -A monopolistic market is a theoretical condition that describes a market where only one company may offer products and services to the public. A monopolistic market is the opposite of a perfectly competitive market, in which an infinite number of firms operate.
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: -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-4: -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.
Detailed explanation-5: -A monopoly occurs when one supplier dominates an industry. As the only supplier, the monopolistic company is free to set the market price for the industry, and consumers – with no viable alternatives – have no choice but to take what the monopolistic company offers at the price it sets.