What is the term for huge corporate structures that control entire industries or areas of the economy?
Answer (2)
When a company controls an entire industry or a specific area of the economy it has a monopoly . Democratic governments tend to break up monopolies as they can be unhealthy for their economies. Monopolies can stifle innovation and competition.
A monopoly is a market situation where a single company controls the supply of a product or service, leading to limited competition and significant pricing power. Monopolies can occur naturally, legally, or through aggressive market practices. They are often regulated by antitrust laws to promote competition.
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