Question

This term is used to refer to a type of business organization created in the 19th century that was meant to eventually produce a monopoly. A) trust B) cartel C) laissez-faire D) pure competition

Answer 1

The term used to refer to a type of business organization created in the 19th century that was meant to eventually produce a monopoly is A) Trust.

In economics, Trust is an association between companies or factories which produce the same products, offer the same services or work on the same industry field. And the main goal of this association is to make a national or international monopoly through the use of fixed prices, the ownership of packages of shares that involve control, etc.

The first time this term was used was in 1882 when the Standard Oil Trust took place in The United States.