Explain how does the story of standard oil

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Q. "Theoretically the market is an automatic, competitive, self-regulating mechanism which provides for the maximum consumer welfare and which best regulates the use of the factors of production." Explain.

Q. The original question was: Explain how does the story of Standard Oil illustrate the limits of business power? Does it better illustrate the dominance theory or the pluralist theory?

 

Reference no: EM13112734

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