USA HISTORY

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.

Detailed explanation-2: -Approved July 2, 1890, The Sherman Anti-Trust Act was the first Federal act that outlawed monopolistic business practices. The Sherman Anti-trust Act of 1890 was the first measure passed by the U.S. Congress to prohibit trusts.

Detailed explanation-3: -Businesses created new forms of ownership like monopolies, cartels, and trusts to avoid liabilities, minimize costs cost, increase profits, gain capital, eliminate competition, and sometimes to get around laws that would prevent certain business practices.

Detailed explanation-4: -A trust is a combination of firms or corporations formed by a legal agreement, especially to reduce competition. A monopoly is achieved when a company has total control of a type of industry.

Detailed explanation-5: -Trusts are the organization of several businesses in the same industry and by joining forces, the trust controls production and distribution of a product or service, thereby limiting competition. Monopolies are businesses that have total control over a sector of the economy, including prices.