Which business practice involves eliminating competition to control a market?

The practice that involves eliminating competition to control a market is a monopoly. This term refers to a market structure where a single company or entity holds exclusive control over a particular product or service, effectively dominating the entire market. Monopolies can arise from various factors, including aggressive competitive strategies like predatory pricing, where prices are set low to drive out competitors, or through mergers and acquisitions that consolidate market power.

In the context of U.S. history, particularly during the late 19th and early 20th centuries, monopolies became prevalent as industrial titans sought to maximize profits and minimize competition. Trusts and corporate consolidations, such as those seen with Standard Oil and U.S. Steel, exemplified this practice of creating monopolies.

Vertical integration refers to a company's expansion into different stages of production or supply chains, while horizontal integration focuses on buying or merging with competitors at the same level of production. These strategies can lead to greater control over operations but do not inherently eliminate competition in the same overarching way that a monopoly does. Franchising involves allowing individuals to operate a business under a larger brand's name and system, which is a different approach to market presence that does not eliminate competition on a market-wide scale.