What is monopoly and trust in US history?

In U.S. history, a monopoly refers to a market structure where a single company or entity dominates the supply of a product or service, eliminating competition. Trusts were legal arrangements in the late 19th and early 20th centuries where multiple companies coordinated to control markets and set prices, often leading to monopolistic practices. The Sherman Antitrust Act of 1890 was enacted to combat these monopolies and trusts, promoting fair competition and preventing market manipulation. Key examples include Standard Oil and U.S. Steel, which were targeted for their monopolistic behaviors.