I want you to watch 2 videos and answer question
1. In your opinion, what are the most interesting aspects of Part I of the film, which discusses the market or industry situation where one company, or person, controls all the gasoline stations? This is what the U.S. faced in the year 1890. The company was Standard Oil, and the man was John D. Rockefeller.
What were the early days of the infant oil industry like, after the Civil War? What type of microeconomic market structure would you use to define the early days of the infant oil industry? Early on, why were prices and profits low? link to video 1- https://www.learner.org/series/economics-ua-21st-century-edition/monopoly/
2. in your opinion, what are the most interesting aspects of Part I of the film, which discusses the early days of the U.S. automobile industry?
What were Henry Ford’s greatest contributions to the early days of automobile manufacturing? How was Ford able to achieve significant economies of scale, cost efficiencies and affordability, and quality with the Model T? link to video 2- https://www.learner.org/series/economics-ua-21st-century-edition/oligopolies/
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