What was a primary characteristic of the Standard Oil Company?

• A. Innovative production techniques
• B. Philanthropic efforts
• C. Monopolistic practices
• D. Environmental sustainability

Answer: (C)

The Standard Oil Company, founded by John D. Rockefeller in 1870, is most famously associated with monopolistic practices. This characteristic was evident in the way the company rapidly acquired other oil refineries and related businesses, effectively controlling nearly the entire oil industry in the United States by the late 19th century. Standard Oil’s strategy involved aggressive price competition and secret deals with railroads, which allowed them to undercut competitors and garner a dominant market position. Their monopolistic approach led to widespread criticism and ultimately to legal actions, which resulted in the company being broken up in 1911 under antitrust laws.

While some might consider other attributes, such as philanthropic efforts seen later in Rockefeller's career, the quintessential aspect of Standard Oil's legacy during its peak was its monopolistic influence on the oil market, making it a prime example of how big business operated in that era.