In the context of economics, what is the term for acquiring all competing firms within a particular industry?

• A. Oligopoly
• B. Horizontal integration
• C. Vertical integration
• D. Monopoly

Answer: (B)

Verified step by step guidance

1. Understand the concept of market structures and firm strategies in economics, focusing on how firms grow and compete within an industry.
2. Recognize that 'Oligopoly' refers to a market dominated by a few firms, not necessarily involving acquisition of all competitors.
3. Know that 'Vertical integration' involves acquiring firms at different stages of production or supply chain, not competitors in the same industry.
4. Identify that 'Monopoly' is a market structure where a single firm dominates, but the process of acquiring all competitors to achieve this is called something specific.
5. Learn that the term for acquiring all competing firms within the same industry, thereby expanding horizontally across the market, is called 'Horizontal integration'.