HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A company that has control of an entire industry
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The fast-dealing property trading game
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A person who exposes corrupt business practices
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. A plan to stop people from drinking
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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: -Natural gas, electricity companies, and other utility companies are examples of natural monopolies. They exist as monopolies because the cost to enter the industry is high and new entrants are unable to provide the same services at lower prices and in quantities comparable to the existing firm.
Detailed explanation-3: -Natural Monopoly. Only one company providing a public good or service. Technological Monopoly. When a single firm has exclusive rights over the technology used to manufacture it. Geographic Monopoly. Government Monopoly. Least Threat: Four Types of Monopolies.