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How might monopolies and cartels have affected a nation's industry?
Wiki User
∙ 11y ago
Monopolies & cartels meant that one business pretty much had all power over the production of a good so they could sell their products for any price they choose no matter the demand because they were the only ones you could get the product from. Thus they made more money & the people had to pay the price no matter what is was this gave more business to the ones with the monopoly. If they raised the prices too high it might discourage people from buying the item but since the items offered were mostly necessities then people would pay the high prices for the items & that would probably help the economy.
Wiki User
∙ 11y ago
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