A- Due to Industrial Revolution there were monopolies that were formed and this led to pricing power going in the hands of such an organisation plus they had the control over demand and supply.
There were also hoardings increased as a result of monopolies being formed which led to unnecessary increase in prices of the products showing fake shortage of goods.
- Monopoly is a state in which an individual organisation has a significant share in the industry which also leads to him having the control over demand and supply of the goods.
- The firm also enjoys pricing power because it has a dominating market share which is not easily changing due to control over the power that it enjoys in the market.
- There are barriers to entry and another competitor cannot influence the price of the same goods and services being offered by the monopolistic individual.
Hence, the correct option is A that there were increased monopolies during the Industrial Revolution.
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