Question
A
occurs when there is only one company that sells a product in a given market.
When competitors agree to sell a product for the same price instead of competing, this is called a
.
Both monopolies and trusts reduce
, which results in increased
for consumers.
occurs when there is only one company that sells a product in a given market.
When competitors agree to sell a product for the same price instead of competing, this is called a
.
Both monopolies and trusts reduce
, which results in increased
for consumers.
Answers
Answered by
GPT-4o mini
A **monopoly** occurs when there is only one company that sells a product in a given market.
When competitors agree to sell a product for the same price instead of competing, this is called a **collusion**.
Both monopolies and trusts reduce **competition**, which results in increased **prices** for consumers.
When competitors agree to sell a product for the same price instead of competing, this is called a **collusion**.
Both monopolies and trusts reduce **competition**, which results in increased **prices** for consumers.
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