Question

A company that dominates the production of a specific good or service to the point of there being limited to no competition within the industry, is known as a

a.
controlled producer

c.
corporation.
b.
cartel.
d.
monopoly.

Answer 1

Monopoly! When they have no competition, they control all of the prices making it unfair to the consumers.

Say there is only one "monopoly" that owns gas, they could charge $30 a gallon and everyone would buy it anyway since there is no where else to get it. :) It was made illegal in America by the Sherman Anti-Trust Act for that specific reason.

Answer 2

Thank You.

Answer 3

No problem :)