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How did Carnegie’s purchase of Allegheny Steel contribute to the formation of his monopoly?
The purchase enabled Carnegie to discover a more efficient production method.
The purchase enabled Carnegie to control most of the rail lines.
The purchase gave Carnegie control of coke production.
The purchase gave Carnegie new access to the raw materials he needed.

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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.

What is a monopoly?

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.

Learn more about Carnegie’s purchase of Allegheny Steel:

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