Trust: In the context of business, a trust refers to a legal arrangement in which multiple companies merge under one centralized body. This allowed companies like Standard Oil Company to consolidate their power and create monopolies.
Antitrust Laws: These are laws enacted by the government to prevent or regulate monopolistic practices. They aim to promote fair competition and protect consumers from harmful business practices.
Sherman Antitrust Act: Passed in 1890, this federal law was designed to combat monopolies and restrain unfair trade practices. It marked the first significant attempt by the government to regulate monopolies and protect free-market competition.