Monopolies and Trusts

Question 1

What was the main reason that Carnegie invested in the Frick Coke Company?

Revolt · Accepted Answer

He wanted to make sure he could always get fuel for his steel plant.

Question 2

What business practices contributed most to Andrew Carnegie’s ability to form a monopoly?

Revolt · Accepted Answer

combining his companies into one company and controlling all aspect of steel production

Question 3

During the Gilded Age, how did the US Congress act to increase business competition?

Revolt · Accepted Answer

Congress passed laws that would control the growth of monopolies.

Question 4

Which business practice did Rockefeller repeatedly use that helped him succeed in building his oil monopoly?

Revolt · Accepted Answer

In all his businesses, Rockefeller made a profit and used it to expand or buy other businesses.

Question 5

Which company was a monopoly during the Gilded Age?

Revolt · Accepted Answer

Carnegie Steel

Question 6

How do monopolies affect the price of goods?

Revolt · Accepted Answer

Monopolies can lower and raise their prices at will.

Question 7

In which business did Andrew Carnegie create a monopoly?

Revolt · Accepted Answer

the steel business

Question 8

The Cleveland Massacre was

Revolt · Accepted Answer

a takeover by Standard Oil of the refineries in Cleveland.

Question 9

Why was Carnegie Steel able to offer its product more cheaply than its competitors?

Revolt · Accepted Answer

Carnegie could cut his costs because he owned the supply of raw materials and the means of production and distribution.

Question 10

What made Standard Oil a horizontal integration monopoly?

Revolt · Accepted Answer

It owned ninety percent of US oil refineries.

Monopolies and Trusts Answers