Question

) This is when one company controls the market for a certain product, there is no competition.

Answer 1

Definition: This is when one company controls the market for a certain product, there is no competition.

Example: Standard Oil Company

ANSWER: Monopoly.

A monopoly is when one company or entity controls an entire share of a market. For example, if Apple became the only company you could buy a cell phone from, this would make Apple a monopoly. Monopolies can hurt the American economy, as a business with no competition can essentially charge whatever they want for a good or service since there will be no business who will offer a better prices.

Answer 2

What you are describing is called a monopoly.

A monopoly is when one company or entity controls an entire share of a market. For example, if Apple became the only company you could buy a cell phone from, this would make Apple a monopoly. Monopolies can hurt the American economy, as a business with no competition can essentially charge whatever they want for a good or service since there will be no business who will offer a better prices.