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How did John D. Rockefeller gain control in the oil industry?
He sold his oil for lower prices then the competition and drove the rival company into the ground. He then purchased these companies and expanded his business area. He continued to do this until he gained control over 90% of American oil sales
How did the Chinese government establish control over commerce and manufacturing?
It established a monopoly on the production of silk.
What railroad tycoon was know for consolidating railroads?
Jim Fisk ^That answer is wrong! One business man known for the money he made as a railroad tycoon is Cornelius Vanderbilt. He is known for making a fortune by consolidating railroad companies to get rid of competition and have greater control of price.
How did men like Rockefeller and carnegie make their businesses bigger?
They created monopolies so that they could control the prices of the goods they made and erase any business competition. They also bought their resources that were necessary to create their goods. That way, they didn't have to buy them from other companies.
What motivated imperialist to seek possession or control of colonies?
they wanted to extend their political control over weaker nations
A loose arrangement of similar businesses formed to control production and keep prices high is called a?
A system of commerce where several companies work together to control prices and limit competition is called a conglomerate. It is also called a monopoly if the same company owns each one of the competing companies.
What are pure competition companies?
Pure competition companies are companies have no control of the price of their product. Their product is standardized throughout all of the companies selling it. There are large numbers of both buyers and sellers of the product.
Why did companies form trusts?
Companies formed trusts in order to consolidate control over a particular industry or market, allowing them to eliminate competition and increase profits. By combining multiple companies under one trust, they could set prices, control production, and dominate the market. Trusts were a way for companies to work together to achieve greater power and influence.
What market is pure competition?
Pure Competition is a market situation where there is a large number of independent sellers offering identical products.Pure competition is a term for an industry where competition isstagnant and relatively non competitive. Companies within the pure competition category have little control of price or distribution of product. Advertising, market research, and product development play a very little role in these companies/industries.
What is the control of commerce between states called?
Interstate Commerce
What do you call a group of companies who join together to control the supply of a good or service?
dominators
What is it called when a few large companies control an industry?
This is known as an oligopoly. They often work as a mechanism between companies to reduce competition and inflate prices for consumers.
What impact does the car industry oligopoly have on competition and consumer choice in the market?
The car industry oligopoly limits competition by allowing a few large companies to control the market, which can lead to higher prices and less variety for consumers. This can restrict consumer choice and make it harder for smaller companies to enter the market.
Who control commerce?
The power to control Intrastate commerce is reserved to the states and the people. It is protected under the Ninth and Tenth Amendments to the U.S. Constitution.
What happens when a trust is?
When a trust is formed, a company or a group of people are able to control many other companies together.
What are the advantages disadvantages of nationalisation?
The advantages of nationalism are that they give the government control over the country's Natural Resources, instead of giving it to foreign companies. The disadvantage is that it stifles competition.
What is A situation in which a company or group of companies has enough control over an industry to be able to affect prices and availability of products?
A monopoly, hence anti-trust and competition legislations
