USA HISTORY

Detailed explanation-1: -Monopoly. When a trust gained complete control over an industry; meant it had no competition from other firms. It could raise prices on its products or lower quality much more freely than it otherwise might. Trusts. To gain dominance, some competing companies formed trusts.

Detailed explanation-2: -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-3: -: complete control over the entire supply of goods or a service in a certain market. : complete possession. : a commercial product or service controlled by one person or company. 3. : a company that has a monopoly.

Detailed explanation-4: -A monopoly in business is a company that dominates its sector or industry, meaning that it controls the majority of the market share of its goods or services, has little to no competitors, and its consumers have no real substitutes for the good or service provided by the business.

Detailed explanation-5: -Understanding a Monopoly A monopoly is a business that is characterized by a lack of competition within a market and unavailable substitutes for its product. Monopolies can dictate price changes and create barriers for competitors to enter the marketplace.