which statement is true about the relationship between a monopoly and its competition in a…

which statement is true about the relationship between a monopoly and its competition in a market?\nmonopolies are formed when businesses buy out their competition in a market.\ncompetition in the market helps monopolies to develop.\ncompetition in the market ensures that monopolies charge fair prices.\nmonopolies thrive when they have competition.

which statement is true about the relationship between a monopoly and its competition in a market?\nmonopolies are formed when businesses buy out their competition in a market.\ncompetition in the market helps monopolies to develop.\ncompetition in the market ensures that monopolies charge fair prices.\nmonopolies thrive when they have competition.

Answer

Brief Explanations:

A monopoly occurs when a single - firm controls an entire market. One way this can happen is when a business buys out its competitors. Competition does not help monopolies develop as it is a hindrance to a firm achieving a monopoly. Also, without competition, monopolies have no incentive to charge fair prices. And monopolies do not thrive with competition as competition reduces their market power.

Answer:

Monopolies are formed when businesses buy out their competition in a market.