ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Samuel Gompers
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Thomas Edison
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Vanderbilt
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John D. Rockefeller
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Detailed explanation-1: -John D. Rockefeller formed the Standard Oil Company on January 10, 1870 with his business partners and brother. The success of this business empire made Rockefeller one of the world’s first billionaires and a celebrated philanthropist. He garnered both admirers and critics during his lifetime and after his death.
Detailed explanation-2: -John D. Rockefeller (1839-1937), founder of the Standard Oil Company, became one of the world’s wealthiest men and a major philanthropist. Born into modest circumstances in upstate New York, he entered the then-fledgling oil business in 1863 by investing in a Cleveland, Ohio refinery.
Detailed explanation-3: -Rockefeller and a business partner became oil refiners. From this small start, grew the Standard Oil Company. By the 1890s, Standard Oil owned three-quarters of the oil industry in the United States.