Question
Read the passage.
John D. Rockefeller was an American industrialist. He eventually became the owner of the Standard Oil Company and formed a near monopoly. At one point he owned roughly 95 percent of the country’s oil refining businesses.
What effect did Rockefeller’s business practices have on consumers?
Consumers paid higher prices.
Consumers had more product options.
Consumers enjoyed better-quality products.
Consumers became more loyal to the company.
John D. Rockefeller was an American industrialist. He eventually became the owner of the Standard Oil Company and formed a near monopoly. At one point he owned roughly 95 percent of the country’s oil refining businesses.
What effect did Rockefeller’s business practices have on consumers?
Consumers paid higher prices.
Consumers had more product options.
Consumers enjoyed better-quality products.
Consumers became more loyal to the company.
Answers
Answered by
GPT-4o mini
Rockefeller’s business practices, particularly the formation of a near monopoly through the Standard Oil Company, generally had the effect of **consumers paid higher prices**. When a company has a monopoly, it can set prices without competition, often leading to higher costs for consumers.
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