Monopolies

A monopoly is when:

• One seller/business dominates an industry.

• A few sellers/businesses dominate an industry.

• Supply exceeds demand.

• A business offers special gifts and coupons.

Why are monopolies usually illegal in the US?

• They deprive the consumer of choices.

• They force the consumer to pay high prices.

• They make it difficult for new companies to enter the market.

• All of the above.

In an oligopoly...

• One seller dominates the market

• A few sellers dominate the market

• Many sellers are in the market

• No sellers exist in the market

What product did John Rockefeller sell to Americans to build his fortune?

• Kerosene

• Pipelines

• Railroads

• Steel

What was the Name of the Oil Company John made?

• Mobil oil

• Standard oil

• Chevron oil

I became rich by working in the steel industry.

• Cornelius Vanderbilt

• Andrew Carnegie

• John D. Rockefeller

What is philanthropy?

• a non-profit business working to improve foreign policy

• an organization that helps people by making donations to research centers, schools, and libraries

• to maintain control of the marketplace for a good or service

A less expensive and easier way to make steel. It increased production and lowered the price of steel in the US dramatically.

• Industrial Revolution

• Bessemer Process

• JP Morgan

• Hull House

The total or complete control of a service, product or industry that prevents competition

• Union
• Robber Barron
• Monopoly
• Captain of Industry

________________ is the term used to describe the wealthy that used ruthless business practices. 

• Industrial Giants
• Captains of Industry
• Robber Barons
• Union Leaders