WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When one person or company controls a market
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a board game created by Rockefeller and Carnegie
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a law that gave them advantages in business
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None of the above
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Detailed explanation-1: -Gradually, he created a vertical monopoly in the steel industry by obtaining control over every level involved in steel production, from raw materials, transportation and manufacturing to distribution and finance. By 1897, he controlled almost the entire steel industry in the United States.
Detailed explanation-2: -During the Gilded Age, a number of businessmen made large sums of money by gaining control of whole industries such as railroads, banking, or oil. The practice of controlling an entire industry is known as having a monopoly over that industry.
Detailed explanation-3: -Key Takeaways A monopoly is a market structure that consists of only one seller or producer. A monopoly limits available substitutes for its product and creates barriers for competitors to enter the marketplace. Monopolies can lead to unfair consumer practices.
Detailed explanation-4: -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.