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Consider the monopoly Standard Oil, founded by John D. Rockefeller. It was a very powerful company and, at its peak in the late 1800's, it

Consider the monopoly Standard Oil, founded by John D. Rockefeller. It was a very powerful company and, at its peak in the late 1800's, it had monopoly power over the market for oil. If people wanted oil to heat and light their homes, they had to buy it from Standard Oil. TRUE/FALSE/UNCERTAIN: Because of Standard Oil's power as a monopoly, Rockefeller could have charged as high a price as he wanted and was guaranteed positive profit. In the box, answer with True, False, or Uncertain and EXPLAIN. You cannot get full points without an explanation

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