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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Some critics during the Gilded Age argued that big business leaders unfairly reduced competition in the market by ____
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forming trusts and creating monopolies.
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paying low wages and hiring unskilled workers.
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investing in machines and fighting labor leaders.
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lobbying political bosses and donating to political campaigns.
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Explanation:
Detailed explanation-1: -Big business manipulated markets to maximize profits, formed corporations to avoid losses, created monopolies and cartels, and used vertical integration to control markets and eliminate competitors. These tactics often favored national businesses to the detriment of the local, family-owned businesses.
Detailed explanation-2: -Monopolies are bad because they control the market in which they do business, meaning that they have no competitors. When a company has no competitors, consumers have no choice but to buy from the monopoly. The company has no check on its power to raise prices or lower the quality of its product or service.
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