An example of a monopoly in the United States economy, past or present. Construct a brief explanation of the monopoly and its impact on the market. Your response should be about three hundred words. Use primary and secondary sources, and cite them.

Question

Sarai Clements

Business

5 July, 21:02

An example of a monopoly in the United States economy, past or present. Construct a brief explanation of the monopoly and its impact on the market. Your response should be about three hundred words. Use primary and secondary sources, and cite them.

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Jermaine · Answer 1

Past monopolies:

Standard Oil - incorporated under Standard Oil Trust which handled all oil production, transportation, refinement, and marketing. Holds 91% of oil production and 85% of its final sales in the United States Market in the early 1900s.

The company was sued for engaging in " "discriminatory practices in favor of the combination by railroad companies; restraint and monopolization by control of pipe lines, and unfair practices against competing pipe lines." which led to its downfall.