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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paying his employees extremely low wages
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absorbing much of his competion into his trust
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selling his oil below cost
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all of the above
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Detailed explanation-1: -Rockefeller gained much of his wealth by controlling oil refineries across the country. At Rockefeller’s refineries, crude oil would be turned into kerosene and then sold to the American public at affordable prices. Kerosene lighting greatly transformed homes and businesses across the country.
Detailed explanation-2: -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-3: -In 1865, Rockefeller borrowed money to buy out some of his partners and take control of the refinery, which had become the largest in Cleveland. Over the next few years, he acquired new partners and expanded his business interests in the growing oil industry.
Detailed explanation-4: -John D. Rockefeller founded the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Later in life he turned his attention to charity.