What is Monopoly

A monopoly occurs when there's:

• No sellers of a particular product

• One seller of a particular product

• Two sellers of a particular product

• An abundance of supply and demand

Monoploies often result in consumers paying _____ for products:

• Low taxes

• High taxes

• High prices

• Low prices

This individual owned the Standard Oil Company:

• Walt Bessemer

• John D. Rockefeller

• Andrew Carnegie

• Ulysses S. Grant

As a result of federal legislation passed to discourage monopiles, Standard Oil was forced to:

• Declare bankruptcy

• Buy railroad companies

• Invest in steel and cotton mills

• Recognize itself into smaller companies

Explain why monopolies are able to charge high prices for their products

Describe what happens to innovation in a monopoly