Question

Rockefeller combined his many companies to create Standard Oil Trust forming a monopoly (eliminate competition) on the oil market which

Question 7 options:


allowed him to set the price for oil, but hurt the consumer who paid a higher price.


led to massive riots across the US that forced Rockefeller to sell the Standard Oil Trust to the government


made the price of oil drop because consumers had many options to choose from for oil


did not affect him, the consumer, or the price of oil

Answer 1

A. allowed him to set the price for oil, but hurt the consumer who paid a higher price

Answer 2

The correct option is A.
A monopoly business organisation refers to a business organization which has managed to eliminate its competitors and is now in a position to determine the market price of its products. Monopoly usually hurts the consumers because they are forced to pay an higher price for a product that might be lacking in quality.