A single company that controls an entire industry is referred to as what?

A single company that controls an entire industry is referred to as a monopoly. A monopoly exists when a single firm or entity has exclusive control over a particular product or service, making it the sole provider in that market. This control allows the monopoly to dictate prices, limit competition, and often leads to the suppression of innovation.

Monopolies can arise in various industries due to several factors, including economies of scale, high barriers to entry for potential competitors, or by having exclusive access to essential resources. The impact of a monopoly is significant, as it can lead to market inefficiencies and a lack of choices for consumers. In contrast, the other terms refer to different types of market structures. For instance, a cartel involves multiple companies collaborating to control production and pricing within an industry, while a trust often refers to a group of companies that come together to limit competition. A conglomerate, on the other hand, is a large corporation that owns a number of different companies across various industries, rather than controlling a single market. Thus, the defining characteristic of a monopoly is its singular control over an industry.