Market Structures and Competition Assignment

According to the article, which of the following characteristics fit Standard Oil? Check all that apply. It practiced ruthless business techniques. It helped its competitors stay in business. It dominated the oil market. It controlled the transportation of oil. It successfully stopped journalists from writing about it.

1, 3 & 4

It was President Roosevelt who began the campaign to break up Standard Oil. He argued that trusts cannot be controlled, and are likely to raise prices and gouge consumers. According to this passage, what was Roosevelt's real reason for breaking up Standard Oil? He believed that Standard Oil was unlikely to set high prices. He wanted to prevent Standard Oil from expanding overseas. He feared the control Standard Oil had in the market. He wanted to limit consumer choices in the market.

C- He feared the control Standard Oil had in the market.

[Rockefeller] was like a general who, besieging a city surrounded by fortified hills, views from a balloon the whole great field, and sees how, this point taken, that must fall; this hill reached, that fort is commanded. And nothing was too small: the corner grocery in Browntown, the humble refining still on Oil Creek, the shortest private pipe line. Which best summarizes Ida Tarbell's assessment of Standard Oil? The company was appreciated in its community. The company was interested in cooperating with other businesses. The company was ruthless in its drive to eliminate competition. The company was focused on establishing lower prices.

C- The company was ruthless in its drive to eliminate competition.

Think about Standard Oil's business practices. In three to four sentences, explain why there was such a strong negative feeling toward the Standard Oil monopoly. Use details from the lesson and reading.

Sample Response: Standard Oil was taking advantage of incentives that were being given to growing businesses at the time. The company was also ensuring that competition could not continue by lowering prices so much that other producers could not continue to make a profit. With little competition remaining in the market, consumers would be forced to pay the prices set by Standard Oil. Which issues are included in your response? Check all that apply. rising prices for consumers undercutting prices manipulating local markets and stations secret deals with train companies

Think about what happened to Standard Oil. Write a paragraph in which you explain whether or not you agree with the actions taken by the government to interfere with the growth of Standard Oil as a monopoly. Use details from the lesson and reading.

level of competition created by breaking apart the company Standard Oil's treatment of competitors the effects of government regulation Standard Oil's effect on prices the pros and cons for consumers