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: -Vertical integration, on the other hand, occurs when a business takes control of one or more stages in production or distribution, thereby owning all of the parts of the industrial process.

Detailed explanation-3: -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-4: -A monopoly is when a single company dominates an industry and can set prices for its product without fear of competition.

Detailed explanation-5: -Monopolies can be of several kinds like simple, pure, natural, legal, and public.