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 a company and its product/service dominates the industry, erasing all competition and possessing the unrestricted ability to establish price.
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when the government and its product/service dominates the industry, erasing all competition and possessing the unrestricted ability to establish price.
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when a company and its product/service share the industry, erasing all competition and possessing the unrestricted ability to establish price.
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when a company and its product/service dominates the industry, boosting competition and possessing the unrestricted ability to establish price.
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Detailed explanation-1: -Once he did make it into the steel industry he adapted the style of vertical integration. This this business style can be seen as a monopoly due to its control of the complete process of a product. This meant that he controlled every aspect from the barges, steel mills, the mines, and the transportation of the product.
Detailed explanation-2: -To date, the most famous United States monopolies, known largely for their historical significance, are Andrew Carnegie’s Steel Company (now U.S. Steel), John D. Rockefeller’s Standard Oil Company, and the American Tobacco Company.
Detailed explanation-3: -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.