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Business, 22.06.2019 21:20 hellodarkness14

What business practice contributed most to andrew carnegie’s ability to form a monopoly?

Answers

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Carnegie invested in steel during the 1870s and gradually created a vertical monopoly by buying out companies at every level of the production of steel, from raw materials to distribution of the finished product. He then combined these into one company, Carnegie Steel, and, at the turn of the 20th century, merged with US Steel. This made them the largest company to exist and gave him a monopoly on the steel industry.

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Answer from: mpete1234567890

D combining his companies into one company, and controlling all aspects of steel production

Explanation:

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Answer from: ultimatesaiyan

Andrew Carnegie’s business practice which most contributed to his ability to form a monopoly is combining his companies into one company and controlling all aspects of steel production. That business practice gave many benefits for him.  

 

EXPLANATION  

 

The term monopoly can be interpreted in many meanings. In the context of the question above, monopoly means mastery of all matters in one or more business sectors by just one company. The absence of business competition is one reason for the existence of Monopoly. Monopoly in America itself has a long history since the colonial era.

 

Andrew Carnegie is the best example of the American steel monopoly industry. He began his career by working in a cotton factory in Pittsburgh. In 1859 he began to move up to a strategic position on the Pennsylvania Railroad. From there he began to invest in the oil and steel industry.

 

The age of 30 became his fortune age. Around the 1870s he entered the steel industry. It did not take long, two decades later he dominated the American steel industry. Carnegie could achieve that because he managed to maximize profits and reduce adding to his other companies. Carnegie’s steel company did not need to worry about expensive steel and transportation because it has all the companies in that field. He could easily manage the rotation of his steel industry wheels. Mastery of many aspects in one of these fields managed to monopolize the American steel industry.

LEARN MORE

If you’re interested in learning more about this topic, we recommend you to also take a look at the following questions:

•Andrew Carnegie purpose for publishing wealth:

Keyword: monopoly, Andrew Carnegie, steel industry.

Subject: History

Class: Class

Subchapter: Monopoly

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Answer from: talanna394

combining his companies into one company, and controlling all aspects of steel production

Explanation:

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Answer from: garciagang0630

combining his companies into one company, and controlling all aspects of steel production

Explanation:

A market structure portrayed by a solitary merchant, selling an extraordinary item in the market. In a monopoly market, the merchant faces no opposition, as he is the sole dealer of merchandise with no nearby substitute.

The business practice which contributed most to Andrew Carnegie’s ability to form a monopoly is ''combining his companies into one company, and controlling all aspects of steel production''.

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Answer from: kirstenb278

I believe the answer is: d.combining his companies into one company, and controlling all aspects of steel production

Andrew Carnegie believe controlling all aspects of steel production would help him bring the cost of the production down, which is why he buy out every smaller companies who involved in any form of steel productions.

He later on combine all of these companies and absorb them into the Carnegie steel company and fully controlled all transaction on the steel market at its peak.

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Answer from: chrissak8118

In all the businesses Andrew made a lot of profits and used that profit to build other businesses and expand the business in hand. American public turned against monopoly as there was a high jump in the prices and it wasn't affordable anymore.

Carniege steel was a monopoly company during the gilded age. Combining all the companies and running them under one production of steel contributed most to form Monopoly.

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Answer from: krlx

The business practices that contributed most to Andrew Carnegie’s ability to form a monopoly is by combining his companies into one company, and controlling all aspects of steel production.

Further Explanation Monopoly   A monopoly is a type of market structure where there is a single producer and many buyers. A single firm controls the market as it has the highest market power and consumers lack other options.   Features of monopoly

Monopolist maximizes the profit  

Monopoly sets the price  

High barriers to exit and entry to the market  

A sole firm dominates and controls the market  

Example of monopolyCarnegie Steel In the 1970s, Andrew Carnegie believed that controlling all aspects of steel production would help him bring the cost of the production down.  He bought companies at every level of steel production from raw materials to distribution and combined all into one company.  Carnegie steel then merged with US steel making the largest steel company which was a monopoly and fully controlled all transaction on the steel market at its peak. Other type of market structures Perfectly competitive market   This is a type of market structure that is hypothetical and is considered to have a very high level of competition.   Monopolistic competition   It is a market structure that has many small firms competing against each other. These firms sell similar products that are slightly differentiated in terms of branding, packaging, etc. Oligopoly   A market structure that is dominated by few firms thus there is limited competition.  

Keywords: Monopoly, market structure, example of monopolies

Learn more about: Monopoly: Features of a monopoly: Types of market structures:

Level: High school  

Subject: Business  

Topic: Market structures

Sub-topic: Monopoly

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Answer from: okokalyssa

The correct answer is D) combining his companies into one company, and controlling all aspects of steel production.

The business practice that contributed most to Andrew Carnegie’s ability to form a monopoly was "combining his companies into one company, and controlling all aspects of steel production."

Carnegie was a smart man that knew when to make the correct financial decisions that favored its company. During the Depression of 1873, he made a bold move and decided to invest in steel. With the use of technology he efficient, the process of producing steel and he was buying other competitors to get a vertical growth that allowed him to form one of the most notorious monopolies in the United States, just like John Rockefeller did with his Standard Oil Company.

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Answer from: ale2035
He was a leading philanthropist in the steel making industry, and eventually became a superintendent of the Pennsylvania Railroad.

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