Question

How did monopolies affect Americans during the Gilded and Progressive Era?

A. Monopolies led to increased competition and innovation, benefiting consumers.

B. Monopolies concentrated wealth and power in the hands of a few, leading to exploitation of workers and consumers.

C. Monopolies had no significant impact on the lives of ordinary Americans.

D. Monopolies encouraged small businesses to thrive, creating a diverse economic landscape.

Answer 1

Monopolies during the Gilded and Progressive Era concentrated wealth and power, leading to exploitation of workers and consumers.

Step-by-step explanation:

In the Gilded and Progressive Era, monopolies had a significant impact on Americans. Option B is the correct answer: monopolies concentrated wealth and power in the hands of a few, leading to exploitation of workers and consumers.

During this time, large corporations like US Steel, Standard Oil, and General Electric dominated their respective industries and used their positions to control workers and prices. The concentration of power in the hands of these corporations resulted in unfair labor practices, low wages, and high prices for consumers.

As a response to these exploitative practices, the government passed laws such as the Interstate Commerce Act in 1887 and the Sherman Antitrust Act in 1890 to break up monopolies and regulate industries. These laws aimed to promote fair competition and prevent the abuse of power by monopolistic corporations.