Listen carefully to the following two Planet Money podcasts:

"Antitrust 1: Standard Oil" by Kenny Malone and Julia Simon, Planet Money podcast, Feb 15, 2019.(Links to an external site.)

(Transcript(Links to an external site.)available.)

https://www.npr.org/sections/money/2019/02/15/695131832/antitrust-1-standard-oil

"Antitrust 2: The Paradox" by Kenny Malone and Jacob Goldstein. Planet Money podcast, Feb 20, 2019.(Links to an external site.)

(Transcript(Links to an external site.)available.)

https://www.npr.org/transcripts/696337392

https://www.npr.org/sections/money/2019/02/20/696342011/antitrust-2-the-paradox

Then answer the following questions based on these podcasts:

Q1/What were the 19th century trusts?

Group of answer choices

a/Multitude of small companies that always competed with one another on price and market share.

b/Small companies legally consolidated into large companies which exerted market power in their respective market domain.

c/A group of trusty merchants who imported oil for government use.

d/Publishing houses that criticized the power of the unions.

Q2/In 1906, the Department of Justice filed a federal antitrust lawsuit against Standard Oil Company. What was Standard Oil accused of? (Select ALL that apply.)

a/buying up rival companies

b/making secret deals with railroads that drove competitors out of business

c/fixing prices

d/lowering oil extraction costs

Q4/As a result of the federal antitrust suit, Standard Oil was

a/nationalized.

b/closed own.

c/broken into smaller companies which later bacame some of the biggest oil companies in the world such as Exxon, Mobil or Chevron.

d/left alone. No action was taken by the court.