- Words: 3442
- Length: 12 Pages
- Topic: Business
- Paper #: 74136803
B. Jennings - 10% (Poole 2000).
Rockefeller believed that because entry costs were so low in oil drilling and refining, the market was glutted with crude oil with high levels of waste. Accordingly, the theory of free competition did not work well when there was such a mix of large, medium and small firms, believing that the weak ones drove prices below production costs, thus hurting even large firms (Poole 2000).