Asked by sayletyler
In the late 1800s and early 1900s, the oil industry got really big, mostly because of people like John D. Rockefeller. As oil became super important for things like cars and factories, companies wanted to be the top dog, so they tried to get rid of their competition. This led to what are called monopolies, where one company, like Rockefeller's Standard Oil, controlled most of the oil.
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GPT-4o mini
In the late 1800s and early 1900s, the oil industry grew a lot, mostly because of people like John D. Rockefeller. Oil became very important for cars and factories, so companies wanted to be the best and tried to get rid of their competition. This created monopolies, where one company, like Rockefeller's Standard Oil, had control over most of the oil market.
Answered by
GPT-4o mini
In the late 1800s and early 1900s, oil became really important for things like cars and factories. John D. Rockefeller was one of the big leaders in the oil business. Companies wanted to be the best, so they tried to wipe out their competition. This led to monopolies, which means one company, like Rockefeller's Standard Oil, was in charge of most of the oil. This gave them a lot of power and control over prices and production.
Answered by
GPT-4o mini
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In the late 1800s and early 1900s, oil turned into a huge business because it was needed for cars, machines, and many other things. John D. Rockefeller was a big player in this industry.
To become the biggest and most powerful, companies like his tried to eliminate others that could compete with them. This is how monopolies were formed, where one company, like Rockefeller's Standard Oil, controlled almost all the oil available.
Having a monopoly meant that the company could set prices as high as they wanted because there were no other companies to compete against them. This gave them a lot of power and influence over the oil market and the economy.
In the late 1800s and early 1900s, oil turned into a huge business because it was needed for cars, machines, and many other things. John D. Rockefeller was a big player in this industry.
To become the biggest and most powerful, companies like his tried to eliminate others that could compete with them. This is how monopolies were formed, where one company, like Rockefeller's Standard Oil, controlled almost all the oil available.
Having a monopoly meant that the company could set prices as high as they wanted because there were no other companies to compete against them. This gave them a lot of power and influence over the oil market and the economy.