Why were monopolies bad for the economy and how did the rich take advantage?

Monopolies are bad for the economy because lack of competition allows a few to set prices, stagnate competition.

Explanation:

How did the rich take advantage:

The rich had ready capital to either buy out smaller competitors or drive them out with undercut prices until the competitor failed, then prices to consumer went back up even higher.

It happened in the early industrial revolution:  Rockefeller/Standard Oil,

Carnegie and JP Morgan= Steel industry

Still going on today, especially in the tech arena.

Able to manipulate what we buy, the way we think, etc.

We need to be responsible, situationally aware consumers.

fair labor standards act

explanation:

in february 1787, congress decided that a convention should be convened to revise the articles of confederation, the nation’s first constitution. in may, 55 delegates came to philadelphia, and the constitutional convention began. debates erupted over representation in congress, over slavery, and over the new executive branch. the debates continued through four hot and muggy months. but eventually the delegates reached compromises, and on september 17, they produced the u.s. constitution, replacing the articles with the governing document that has functioned effectively for more than 200 years.