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Summarize the arguments for and against monopolies and trusts.

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A trust is a combination of several corporations run and controlled by the same business people. In the trust, these businessmen perform the function of the board of directors. Monopoly is an economic term used to describe a situation when only one company operates in a particular market. A monopolistic firm controls the entire branch of industry. By controlling the industry, a monopoly controls the prices of products as well because competition is non-existent.

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