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Some people criticized the steel and oil industries because they thought that the companies were to large. The critics believed that the big companies were too powerful. A corporation that has little competition is called a Monopoly. That is what the critics thought. They felt it was impossible for the smaller businesses to compete with the monopolies. Without competition from other companies selling the same product, a monopoly can charge higher prices for poorer quality products. The buyer, without another company to turn to, has little choice but to pay for the over priced product or to do without the product.
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What is the name of the period in the late 1800s that saw technological advances including electricity and the growth of the steel and oil industries?
The great awakening
What impact did Andrew Carnegie and John D Rockefeller have on the American economy in the last half of the 1800s?
They established and dominated the new steel and oil industries.
How did the manufacturing of steel change people's lives in the late 1800s?
Because with steel you could make buildings.
What was The greatest factor in the development of skyscrapers?
Availability of steel for the framing, and elevators to move people and goods vertically.
What made is possible to construct skyscrapers in the 1800s?
Steel.
