Which was the most important effect of the bessemer process?
is allowed the production of more steel.
it produced better steel.
it made steel cheaper.
it allowed factory production of steel.
The immediate goal of Standard Oil Company when it lowered its prices was to outcome rival businesses. By undercutting competitors, Standard Oil aimed to drive them out of business and establish itself as the dominant player in the oil industry. Forming a monopoly was a key strategy in achieving this goal.
Individual business owners setting prices to compete for business would most likely happen in a free market. In a free market economy, businesses have the freedom to set their own prices based on supply and demand, competition, and other market factors. This competitive environment typically drives businesses to innovate, offer better products and services, and strive for efficiency to attract customers and maximize profits.
One way businesspeople tried to eliminate competition was by forming monopolies or trusts. Through these agreements, companies could consolidate their power and control a large portion of the market, allowing them to drive out competitors and influence prices. This practice was often seen as anticompetitive and led to the implementation of antitrust laws in the United States to prevent monopolistic behavior.
which was the immediate goal of the standard oil company when it lowered its prices?
to sell stock to investors.
to outcome rival businesses.
to form a monopoly.
to pass on lower costs to customers.
Which of these would most likely happen under a free market?
government regulators set maximum prices.
political influence determines what products are made.
an appointed agency decides where business can operate.
individual business owners set prices to compete for business.
which was one way businesspeople tried to eliminate competition?
they formed monopolies or trusts.
they decreased the price of their product.
they developed overseas markets.
they paid higher wages to their workers.