Combining multiple firms engaged in the same type of business into one corporation is known as?

The correct term for combining multiple firms engaged in the same type of business into one corporation is horizontal integration. This strategy is used to consolidate several companies that operate at the same level of the supply chain within the same industry. By doing so, a corporation can increase its market share, reduce competition, and achieve economies of scale.

In the context of American imperialism and the broader economic landscape, horizontal integration played a significant role in the growth of large corporations during the late 19th and early 20th centuries, as companies sought to dominate their respective markets by merging or acquiring competitors. This method contrasts with other forms of integration; for instance, vertical integration involves the consolidation of companies that operate at different stages of production or supply chains, such as a company acquiring its suppliers or distributors.

Holding companies, on the other hand, do not necessarily combine firms in the same business; they are rather entities that own shares in other companies to control them. Monopolies refer to a market structure where a single company or entity dominates the market, often through various means, including horizontal integration, but does not specifically refer to the act of merging firms.