WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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increasing the prices of their products
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paying higher wages to their workers
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forming monopolies or trusts
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developing overseas markets
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Detailed explanation-1: -Business leaders in the 1800s tried to eliminate competition by forming pools, trusts, monopolies, and through vertical and horizontal integration. Many companies organized pools to keep prices at a certain level, that is, they tried to keep prices from falling. Some companies formed trusts.
Detailed explanation-2: -Which statement is true about the relationship between a monopoly and its competition in a market? Monopolies are formed when they buy out their competition in a market.
Detailed explanation-3: -The Sherman Antitrust Act of 1890 banned “combinations in restraint of trade” or basically any monopoly that reduced competition in the marketplace, a direct response to the growth of monopolistic practices in the late 1800’s.