Which was the most important effect of the Bessemer process?

Question

Responses

It allowed the production of more steel.
It allowed the production of more steel. - no response given

It produced better steel.
It produced better steel. - no response given

It made steel cheaper.
It made steel cheaper. - no response given

It allowed factory production of steel.
Which was the immediate goal of the Standard Oil Company when it lowered its prices?

Responses

to sell stock to investors
to sell stock to investors - no response given

to outcompete rival businesses
to outcompete rival businesses - no response given

to form a monopoly
to form a monopoly - no response given

to pass on lower costs to customers
to pass on lower costs to customers - no response given
Which of these would most likely happen under a free market?

Responses

government regulators set maximum prices
government regulators set maximum prices - no response given

political influence determines what products are made
political influence determines what products are made - no response given

an appointed agency decides where businesses can operate
an appointed agency decides where businesses can operate - no response given

individual business owners set prices to compete for business
Which was one way businesspeople tried to eliminate competition?

Responses

They formed monopolies or trusts.
They formed monopolies or trusts. - no response given

They decreased the price of their products.
They decreased the price of their products. - no response given

They developed overseas markets.
They developed overseas markets. - no response given

They paid higher wages to their workers.

Answer 1

Here are the most likely responses to each of the questions provided:

1. Which was the most important effect of the Bessemer process?

   • It made steel cheaper. (It significantly reduced the cost of producing steel, which in turn allowed for wider use in construction and manufacturing.)

2. Which was the immediate goal of the Standard Oil Company when it lowered its prices?

   • to outcompete rival businesses. (Lowering prices was a common strategy to gain market share by driving competitors out of business.)

3. Which of these would most likely happen under a free market?

   • individual business owners set prices to compete for business. (In a free market, prices are generally determined by competition among businesses.)

4. Which was one way businesspeople tried to eliminate competition?

   • They formed monopolies or trusts. (This was a common tactic used by business leaders to control markets and eliminate competition.)

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