THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -During the late 1800s, numerous monopolies existed in the United States. One of the most powerful monopolies was that of the Standard Oil Company, founded by John D. Rockefeller and based in Cleveland, Ohio.
Detailed explanation-2: -Approved July 2, 1890, The Sherman Anti-Trust Act was the first Federal act that outlawed monopolistic business practices. The Sherman Anti-trust Act of 1890 was the first measure passed by the U.S. Congress to prohibit trusts.
Detailed explanation-3: -Explanation: Monopolies meant the violation of competition laws and prices were higher since competition was squeezed out. Farmers in the Midwest had to pay higher prices because of the monopolies in the railway sector to send and sell their crops to the East. They opposed it and joined the Populist movement.