A monopoly is characterized by a lack of competition, which can mean higher prices and inferior products. However, the great economic power that monopolies hold has also had positive consequences for the U.S.
Monopolies control the majority of market share in their industry or sector with little to no competition, which, depending on the situation, can be good or bad.
The last great American monopolies were created a century apart, and one lasted over a century.
The Sherman Antitrust Act banned trusts and monopolistic combinations that placed “unreasonable” restrictions on interstate and international trade.
