Question

During the 1880s, Standard Oil owned or controlled nearly all facets of oil refining. When a company has such control over the marketplace, what term best describes it

Answer 1

When a company owns and controls the marketplace, the term that best describes it is a Monopoly.

What is a monopoly?

A monopoly is a market situation where there is little to no competition.

The major characteristics of a monopoly are:

• Profit maximization
• Price fixing
• High entry barriers
• Single seller
• Price discrimination.

Thus, when a company owns and controls the marketplace, the term that best describes it is a Monopoly.

Learn more about monopolies at https://brainly.com/question/7217942

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