WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A fun board game
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A situation where one company owns all of the businesses, leaving the consumer only one choice.
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A situation where a company owns all of the businesses involved in each step of manufacturing, to lower costs
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A situation where the consumer has multiple choices to purchase their goods or services.
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Detailed explanation-1: -Key Takeaways 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. Monopolies can lead to unfair consumer practices.
Detailed explanation-2: -A monopoly occurs when a single company that produces a product or service controls the market with no close substitute. In an oligopoly, two or more companies control the market, none of which can keep the others from having significant influence.
Detailed explanation-3: -A natural monopoly exists in a particular market if a single firm can serve that market at lower cost than any combination of two or more firms.
Detailed explanation-4: -The antitrust laws prohibit conduct by a single firm that unreasonably restrains competition by creating or maintaining monopoly power.