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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Trusts such as Carnegie’s steel monopoly were broken up by the law.
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The government heavily taxed monopolies to ensure their breakup.
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Nothing. The law was undefined and difficult to enforce, and the consolidation of businesses continued as usual.
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Horizontal integration was banned as a business practice, but vertical integration was not.
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Detailed explanation-1: -The act was designed to restore competition, but it was loosely worded and failed to define such critical terms as “trust, ” “combination, ” “conspiracy, ” and “monopoly.” Five years later, the Supreme Court dismantled the act in United States v. E. C. Knight Company (1895).
Detailed explanation-2: -The Sherman Antitrust Act refers to a landmark U.S. law that banned businesses from colluding or merging to form a monopoly. Passed in 1890, the law prevented these groups from dictating, controlling, and manipulating prices in a particular market.
Detailed explanation-3: -Which of the following occurred as a result of the Sherman Antitrust Act? Workers secured a greater share of company profits.
Detailed explanation-4: -Answer and Explanation: The Sherman Antitrust Act was difficult to enforce because it was vaguely worded and key concepts of monopolistic business practices were not defined. For example, the term “fair competition” was not defined, nor was the word “monopoly” itself defined.