Im david schoumacher. We like to think of our economy as one that runs on competition. For instance, we can choose the brand ofasoline we buy. If one station sets its prices too high, thene can simply go across the stet if one station for a lower price. O high, if enough drivers pass the highprice station by, sooner or later it goes out of business. Of course, if in order to attract business a station sets its prices too low and cant cover costs, sooner or later itll go out of business, too. But what happens to prices if one company, or one person, controls all the gas stations . That was what the country faced in 1890. The company was standard oil the man was john d. Rockefeller. This was the infant oil industry john d. Rockefeller saw after the civil war. Drilling equipment was hand and footoperated in those days and available cheap. Anybody could join the oil rh, and anybody di with thousands of smallscale prospectors, drillers, and refiners competing, the supply of oil was plentifu
Monopolies whos in control . With the help of our economic analyst richard gill well find out on this edition of economics usa. Im david schoumacher. We like to think of our economy as one that runs on competition. For instance, we can choose the brand ofasoline we buy. If one station sets its prices too high thene can simplygo across the stet for a lower price. If enough drivers pass the highprice station by, sooner or later it goes out of business. Of course, if in order to attract business a station sets its prices too low and cant cover costs, sooner or later itll go out of business, too. But what happens to prices if one company, or one person, controls all the gas stations . That was what the country faced in 1890. The company was standard oil the man was john d. Rockefeller. This was the infant oil industry john d. Rockeller saw after the civil war. Drilling equipment was hand and footoperated in those days and available cheap. Anybodcould in the o rh, and anybody did. With thou
With the help of our economic analyst richard gill, well find out on this edition of economics usa. Im david schoumacher. We like to think of our economy as one that runs on competition. For instance, we can choose the brand ofasoline weuy. If one station sets its prices too high, thene can simply go across thet if one station for a lower price. O high, if enough drivers pass the highprice station by, sooner or later it goes out of business. Of course, if in order to attract business a station sets its prices too low and cant cover costs, sooner or later itll go out of business, too. But what happens to prices if one company, or one person, controls all the gas stations . That was what the country faced in 1890. The company was standard oil the man was john d. Rockefeller. This was the infant oil industry john d. Rockefeller saw after the civil war. Drilling equipment was hand and footoperated in those days and available cheap. Anybodcould join the o rh, and anybody did. With thousands
We like to think of our economy as one that runs on competition. For instance, we can choose the brand ofasoline we buy. One station sets its prices too high, thene can simply go across the stet one station for a lower price. O high, if enough drivers pass the highprice station by, sooner or later it goes out of business. Of course, if in order to attract business a station sets its prices too low and cant cover costs, sooner or later itll go out of business, too. But what happens to prices if one company, or one person, controls all the gas stations . That was what the country faced in 1890. The company was standard oil the man was john d. Rockefeller. This was the infant oil industry jafter the civil war. Drilling equipment was hand and footoperated in those days and available cheap. Anybodcould join the o rh, and anybody di with thousands of smallscale prospectors, drillers, and finers competg, the supply of oil was plentiful. Prices were low, and so were profits. Rockefeller had be
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