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trusts and big business quiz 100%
Terms in this set (10)
How do monopolies affect the price of goods?
Monopolies can lower and raise their prices at will.
What was the core business that made Standard Oil a horizontally integrated monopoly?
Which business practice did Rockefeller repeatedly use that helped him succeed in building his oil monopoly?
In all his businesses, Rockefeller made a profit and used it to expand or buy other businesses.
A government is laissez-faire when it
does not interfere with business affairs and does not regulate its actions.
What business practice contributed most to Andrew Carnegie's ability to form a monopoly?
combining his companies into one company, and controlling all aspects of steel production
Which company was a monopoly during the Gilded Age?
How much did the government regulate business practices during the Gilded Age?
it barely regulated businesses at all.
Which statement is true about the relationship between a monopoly and its competition in a market?
Monopolies are formed when they buy out their competition in a market.
What made Standard Oil a horizontal integration monopoly?
It owned ninety percent of US oil refineries.
In which business did Andrew Carnegie create a monopoly?
the steel business
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