Trusts and Big Business
A government is laissez-faire when it
does not interfere with business affairs and does not regulate its actions
How much did the government regulate business practices during the Gilded Age?
It barely regulated businesses at all.
Why was Carnegie Steel able to offer its product more cheaply than its competitors?
Carnegie could cut his costs because he owned the supply of raw materials and the means of production and distribution.
What was the core business that made Standard Oil a horizontally integrated monopoly?
How was Rockefeller able to build his monopoly across the oil industry?
He bought up oil refineries, cut costs, and reinvested his profits in other refineries.
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.