Question

What is the main reason that the American public turned against monopolies?

Answer 1

They saw the price of goods rise as their wages decreased.

Answer 2

Answer:

They saw the price of goods rise as their wages decreased.

Explanation:

A monopoly is a situation of legal privilege or market failure, in which there is a producer or economic agent (monopolist) that has a great market power and is the only one in a given industry that has a product, good, resource or service determined and differentiated.

For there to be a monopoly, it is necessary that in this market there are no substitute products, that is, there is no other economic good that can replace the given product and, therefore, it is the only possibility that the consumer has to buy. It is usually defined as "a market in which there is only one vendor", but this definition would correspond more to the concept of pure monopoly.