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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What are companies who dominate a specific industry (steel, oil, etc.) called?
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Monopolies
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Local Business
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Corporations
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Competitors
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Explanation:
Detailed explanation-1: -A monopoly is when a single company dominates an industry and can set prices for its product without fear of competition.
Detailed explanation-2: -Andrew Carnegie had gone a long way towards creating a monopoly in the steel industry when J.P. Morgan bought his steel company and merged it into U.S. Steel to create a monstrous corporation approaching the size of Standard Oil.
Detailed explanation-3: -The U.S. markets that operate as monopolies or near-monopolies in the U.S. include providers of water, natural gas, telecommunications, and electricity.
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