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Explain how Social Darwinism was used as a rationale for expansionism,and give a descriptive example of its being put into practice after 1898.
Monopolists
Individuals or firms that are the sole providers of a unique product or service in a market, with the power to control prices and exclude competitors.
Price Discrimination
A pricing strategy that charges customers different prices for the same product or service based on what the seller thinks they can get the customer to agree to.
Elastic Demand
A situation where the quantity demanded of a good or service changes significantly as its price changes.
Oligopoly
A market structure in which a small number of firms dominate the market, leading to limited competition.
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