<span>Davy Crockett first killed a bear when he was only three years old.</span>
:
Monopoly: There is a single seller in the market
Oligopoly: every company in this market structure is aware of the actions of the other companies (oligopolies are a small number of companies controlling the markets- there are elements of collusion in this structure because the firms work together to control prices and the market)
Perfect Competition: There are no barriers to entry (lots and lots of competing companies that each have a small share of the market)
Collusion: 3 companies secretly enter into a price agreement (this is illegal in many cases)
Answer: the availability of water power.
During the Industrial Revolution, the textile industry was mechanized and increasingly done in an industrial scale. One of the most important additions was the fully mechanized water-power system that Samuel Slater brought from England. He smuggled (as it was against the law) his knowledge of textile machinery to the United States, and in 1793, established a cotton-spinning mill in Pawtucket, Rhode Island. The availability of water power made this a perfect location. He went on to build several more cotton and wool mills throughout New England.
