Monopolistic practices refer to actions taken by businesses with significant market power to restrict competition and control prices, often leading to limited choices for consumers.
Related terms
Cartel: An association of businesses that agree to cooperate rather than compete with each other, often resulting in price fixing or market allocation.
Antitrust Laws: Legislation designed to prevent monopolies, promote fair competition, and protect consumers from anticompetitive behavior.
Trusts: Large combinations of companies formed through legal agreements that allowed them to control markets by eliminating competition.