Explain the new business practice of ‘monopolies’ and how Rockefeller’s Standard Oil was an example of a monopoly. Why did many people object to monopolies?

because that ment one person controlled the whole industry.

Rockafellers standard oil is an example because he used vertical and horizontal integration to take over the oil business and had no competition

Most people criticize monopolies because they charge too high a price, but what economists object to is that monopolies do not supply enough output to be allocatively efficient. ... The rule of profit maximization in a world of perfect competition was for each firm to produce the quantity of output where P = MC.

ok so i only know that

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first industrial revolution - the first wave of the industrial revolution lasted from the late 1700s to the mid-1800s. it industrialized the manufacture of textiles and began the move of production from homes to factories. steam power and the cotton gin played an important role in this period.