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One company controls a whole industry.

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8y ago
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Weldon Crona

Lvl 10
3y ago

one company controls an industry

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Wiki User

13y ago

A monopoly is when one person or company has overwhelming control of a certain sector of business. Monopolies have a negative effect on the economy because they destroy competition. Competition is good for consumers because it gives them choice and keeps prices down.

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Wiki User

13y ago

A basic proposition in economics is that monopoly control over a good will result in too little of the good being produced at too high a price.

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