Big Business And Industry Assessment

The correct answer is "A big business that dominates an industry and has no real competition." A monopoly refers to a situation where a single company or entity controls a specific industry or market, resulting in limited or no competition. This dominance allows the monopolistic business to set prices, control supply, and potentially exploit consumers.

The Bessemer Converter was a machine used in the 19th century to convert pig iron into steel. It revolutionized the steel-making process by allowing for large-scale production of high-quality steel at a lower cost. The converter used a blast of air to remove impurities from the pig iron, resulting in the production of steel. Therefore, the correct answer is Steel.

Captains of Industry were known for their philanthropy, as they believed in using their wealth to support worthy causes. Unlike Robber Barons, who were primarily focused on accumulating wealth and power, Captains of Industry recognized the importance of giving back to society and improving the lives of others. Through their philanthropic efforts, they aimed to address social issues, promote education, and contribute to the overall betterment of society.

Andrew Carnegie was a leader in the steel industry. He was a Scottish-American industrialist who played a significant role in the expansion of the American steel industry in the late 19th century. Carnegie founded the Carnegie Steel Company, which became one of the largest and most successful steel companies in the world. His innovative practices, such as vertical integration and the use of the Bessemer process, revolutionized the steel industry and made him one of the richest individuals in history.

The purpose of the Sherman Anti-Trust Act is to outlaw trusts, monopolies and any form of business that restricts competition. This legislation was enacted to promote fair competition in the marketplace and prevent the concentration of economic power in the hands of a few dominant corporations. By prohibiting anti-competitive practices, the Sherman Anti-Trust Act aims to ensure a level playing field for businesses and protect consumer welfare.

Laissez-faire economic policy advocates for minimal government intervention in the economy, allowing businesses to operate freely without heavy regulation. This approach believes that market forces should determine the success or failure of businesses, rather than government interference. By leaving businesses alone, the government promotes competition, innovation, and economic growth.

Monopolies can have a positive effect on improving production methods. When a company has a monopoly, it has the power and resources to invest in research and development, leading to innovation and advancements in production techniques. This can result in increased efficiency, higher quality products, and lower costs. By having control over the market, monopolies can focus on long-term growth and invest in improving their production methods to stay ahead of competitors.

A trust best represents the given definition as it refers to a group of companies managed by a group of trustees with the aim of limiting competition. Trusts were commonly used in the late 19th and early 20th centuries to consolidate power and eliminate competition in various industries. This allowed the companies within the trust to control prices and dominate the market.