Final answer:
Monopolies are corporations that gain complete control of the production of a single good or service, with no competition in that particular area. They have the ability to set prices, control supply, and restrict entry of other competitors.
Step-by-step explanation:
Monopolies are corporations that gain complete control of the production of a single good or service, with no competition in that particular area. They have the ability to set prices, control supply, and restrict entry of other competitors. A famous example is Standard Oil, which controlled over 90% of oil production and distribution in the United States during the late 19th century. Monopolies can have negative effects on the economy, such as limiting consumer choice and potentially manipulating prices.
Learn more about Monopolies in the production of goods or services