Question

Which statement best describes the impact of John D. Rockefeller's Standard Oil company on American industry?
A.
Standard Oil was responsible for creating trade deals between domestic and foreign businesses.
B.
Standard Oil demonstrated that companies can fight government regulation with few consequences.
C.
Standard Oil demonstrated that companies can become monopolies that the government can break up.
D.
Standard Oil was responsible for many of the work place safety regulations that are in place today.

Answer 1

C. Standard Oil demonstrated that companies can become monopolies that the government can break up.

Explanation: Rockefeller's Standard Oil used trusts and consolidations to dominate the oil industry, prompting antitrust action and the 1911 U.S. Supreme Court decision to dissolve the company under the Sherman Antitrust Act.