Question: How do monopolies affect the price of goods?

Answer: Monopolies can lower and raise their prices at will.

Question: What was the core business that made Standard Oil a horizontally integrated monopoly?

Answer: refining oil

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

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

Question: A government is laissez-faire when it

Answer: does not interfere with business affairs and does not regulate its actions.

Question: What business practice contributed most to Andrew Carnegie’s ability to form a monopoly?

Answer: combining his companies into one company, and controlling all aspects of steel production