USA HISTORY

Detailed explanation-1: -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. An oligopoly is when a small number of firms, as opposed to just one, dominate an entire industry.

Detailed explanation-2: -Answer and Explanation: A monopoly is a sole industry in the entire market. The commodity sold by the monopoly has no substitutes in the entire market.

Detailed explanation-3: -The hallmark of a monopoly is a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the possibility of a high monopoly price well above the seller’s marginal cost that leads to excessive profit. In economics, a monopoly is a single seller.

Detailed explanation-4: -A monopoly exists when one supplier provides a particular good or service to many consumers. In a monopolistic market, the monopoly, or the controlling company, has full control of the market, so it sets the price and supply of a good or service.

Detailed explanation-5: -The statement is True A monopoly is a market structure where there is only one seller of the product. Price makers are called monopolists as they control the market price.