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Describe what a monopoly, a cartel, and a trust are. In a one paragraph response, compare and contrast the three.

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elainavinson
Monopoly: possession or control of a supply or trade in service. (in other words a business with little to no competition. Not common in the US.)
Cartel: association of manufacturers with purpose of setting prices high to restrict competition. 

About a monopoly, a cartel, and a trust:

  • Monopoly: A company that is recognized as a legal entity with rights and obligations distinct from those of its members.

  • Cartel: A group of manufacturers of an item or service who set pricing and maintain stock control in order to monopolize the market.

  • Trust: To construct a monopoly, a group of distinct enterprises is brought together under the direction of a single managing board.

Monopolies and Trusts:

  • For a variety of reasons, trusts are troublesome. Monopolies arise from trusts and give one set of corporations complete control over a certain industry.

  • Monopoly owners and top executives profit handsomely, but lesser enterprises and companies have little prospect of making any money at all.

  • Trusts also wreak havoc on capitalism, the economic philosophy that underpins the American economy.

For more information about a monopoly, a cartel, and a trust refer to the link:

https://brainly.com/question/13483537

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