which scenario describes a monopoly?\no company x and company y both produced farm tractors. company x…

which scenario describes a monopoly?\no company x and company y both produced farm tractors. company x bought company y, making the merged company the largest supplier of tractors in the midwest.\no berry gordy jr. founded motown records in 1959. over time, the black - owned business became one of the most success independent record labels.\no in the late 1800s, carnegie steel controlled the steel supply in the united states. this allowed the company to set prices for steel throughout the united states.\no a large supermarket chain moved into a neighborhood and offered low prices. unable to compete, the neighborhoods small independent grocery store closed.

which scenario describes a monopoly?\no company x and company y both produced farm tractors. company x bought company y, making the merged company the largest supplier of tractors in the midwest.\no berry gordy jr. founded motown records in 1959. over time, the black - owned business became one of the most success independent record labels.\no in the late 1800s, carnegie steel controlled the steel supply in the united states. this allowed the company to set prices for steel throughout the united states.\no a large supermarket chain moved into a neighborhood and offered low prices. unable to compete, the neighborhoods small independent grocery store closed.

Answer

Brief Explanations:

A monopoly is a market structure where a single firm controls an entire industry or a major part of it and can set prices. Carnegie Steel controlling the steel - supply in the US and setting steel prices is an example of a monopoly. The first option is about a merger creating a large supplier but not a sole - supplier. The second option is about a successful independent business, not a monopoly. The fourth option is about a large firm driving out a small competitor, but not a situation of a single firm controlling an entire industry.

Answer:

In the late 1800s, Carnegie Steel controlled the steel supply in the United States. This allowed the company to set prices for steel throughout the United States.