USA HISTORY

Detailed explanation-1: -A monopolistic market structure has the features of a pure monopoly, where a single company fully controls the market and determines the supply and price of a product or service. Hence, a monopolistic market is a non-competitive market.

Detailed explanation-2: -Economists have identified four types of competition-perfect competition, monopolistic competition, oligopoly, and monopoly.

Detailed explanation-3: -A monopoly is defined as a single seller or producer that excludes competition from providing the same product. A monopoly can dictate price changes and creates barriers for competitors to enter the marketplace.

Detailed explanation-4: -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-5: -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.