USA HISTORY

Detailed explanation-1: -Companies become monopolies by controlling the entire supply chain, from production to sales through vertical integration, or buying competing companies in the market through horizontal integration, becoming the sole producer.

Detailed explanation-2: -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.

Detailed explanation-3: -A monopoly exists when there’s a single firm that controls the entire market. The firm and industry are synonymous. This firm is the sole producer of a product, and there are no close substitutes. Because there are no alternatives, the firm has the highest level of market power.

Detailed explanation-4: -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-5: -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.