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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Trust
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Merger
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Corporation
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Holding company
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Detailed explanation-1: -By 1880, Standard Oil owned or controlled 90 percent of the U.S. oil refining business, making it the first great industrial monopoly in the world. But in achieving this position, Standard violated its Ohio charter, which prohibited the company from doing business outside the state.
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: -Natural gas, electricity companies, and other utility companies are examples of natural monopolies. They exist as monopolies because the cost to enter the industry is high and new entrants are unable to provide the same services at lower prices and in quantities comparable to the existing firm.