WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
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Trust
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Corporation
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Holding company
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Infrastructure
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Detailed explanation-1: -Oligopolies are observed throughout the world and even appear to be increasing in certain industries. Unlike a monopoly, where a single corporation dominates a certain market, an oligopoly consists of a select few companies that combined exert significant influence over a market or sector.
Detailed explanation-2: -A monopoly is a firm who is the sole seller of its product, and where there are no close substitutes. An unregulated monopoly has market power and can influence prices. Examples: Microsoft and Windows, DeBeers and diamonds, your local natural gas company.
Detailed explanation-3: -To date, the most famous United States monopolies, known largely for their historical significance, are Andrew Carnegie’s Steel Company (now U.S. Steel), John D. Rockefeller’s Standard Oil Company, and the American Tobacco Company.