What business practices contributed most to Andrew Carnegie’s ability to form a monopoly?
combining his companies into one company and controlling all aspect of steel production
focusing on a single aspect of steel production
using profits to support charities and greatly improving his reputation
increasing his profits every year

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06-07-2022
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What business practices contributed most to Andrew Carnegie’s ability to form a monopoly?
combining his companies into one company and controlling all aspect of steel production
focusing on a single aspect of steel production
using profits to support charities and greatly improving his reputation
increasing his profits every year

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linandrew41 linandrew41 · Answer 1 · 2022-07-06T01:32:26-04:00

Original Question: What business practices contributed most to Andrew Carnegie’s ability to form a monopoly?

Answer: combining his companies into one company and controlling all aspect of steel production

Explanation:

Choice 1 is correct because Carnegie employed the strategy of vertical integration where he controlled all aspects from steel production to steel transportation. This allowed him to lower the cost of production and transportation and lower the prices of steel to outbid competitors who would lose and go bankrupt. As a result, Carnegie began to dominate and control the market as his prices were always the cheapest
Choice 2 is incorrect, because if he focused on only one aspect of steel production, he wouldn't be able to set up a monolopy as he relied on someone else to help him with his business
Choice 3 is incorrect, because that method was only used when Carniege salvaged his reputation after setting up the monolopy which gained him a bad name.

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