Carnegie was able to find a more effective production technique thanks to the acquisition. production of steel would greatly increase, as would the value of manufactured items.
A scenario known as monopoly occurs when there is only one seller in the market. The monopoly case is viewed as the polar opposite of perfect competition in conventional economic analysis.
One of the wealthiest people in the country at the time was Scottish-born steel tycoon Andrew Carnegie.
He would have been valued at more than $300 billion by the present. He sought to buy lesser businesses in order to eliminate competition while establishing his steel empire.
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