The correct option is D. A business organization that controlled shareholders and eliminated competition by monopolizing trade is called a Monopoly.
When one firm and its product control an entire sector of the economy, there is little to no competition, and customers are forced to buy a particular product or service from one company.
What is the difference between monopoly and monopsony?
A monopoly occurs when a single company is the only one producing a good or service, as opposed to a monopsony, which occurs when a firm is the only one buying the good or service. The majority of instances of monopsony involve the sale of workers' time in the labor market when one company is the only buyer of a specific form of labor.
A monopoly is a form of imperfect competition in which a seller or producer gains the lion's share of the market due to the absence of alternatives or rivals. A type of imperfect competition known as monopolistic competition occurs when numerous suppliers compete for the same market share by distinguishing their goods.
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