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2-Why did some observers view certain successful entrepreneurs as “captains of industry”? Business entrepreneurs began to exercise a dominant influence on American life.3-How were these industrialists able to lower the prices of many goods? Because they helped forge the modern industrial economy through efficiencies of large-scale production, these industrialists lowered the prices of many goods.4-Why did some observers refer to these captains of industry as “robber barons”? Because of the ruthless tactics they used to destroy competition and to keep down workers’ wages.5-Who was Andrew Carnegie? A penniless immigrant.6-What did his steel mills do? Steel mills undercut all competition.7-Provide examples of his treatment of workers: - His workers put in 12-hour shifts at very low wages, He crushed any attempts by his workers to unionize8-However, Andrew Carnegie was a philanthropist (engaged in charitable activities). Provide examples of his philanthropy: He spent much of his later life giving away his fortune to support education, libraries, medical research, and world peace9-Who was John D. Rockefeller? He formed Standard Oil Company in 1870.10- How was John D. Rockefeller similar to Andrew Carnegie? Bothe made a huge impact. 11- What is a monopoly? The exclusive possession or control of the supply of or trade in a commodity or service.12- How do monopolies affect the market? monopoly'sprice is themarketprice and demand ismarketdemand.13- How do monopolies affect consumers? Amonopoly'spotentialtoraise prices indefinitely is its most critical detrimentto consumers.14- Why were reforms needed in the realm of the economy? So when they tradedthey could make contracts. 15- What was the Interstate Commerce Act? Prohibited unfair practices by railroads such as charging more for shorter routes. 16- What was the Sherman Antitrust Act? Was passed to check the spread of monopolies.17- How did these Acts affect free market capitalism? The act marked a significant change in the attitude of Congress towards the abuses of big business1.The Federal Trade Commission, the Interstate Commerce Commission, and the Federal Communications Commission are similar in that each(1) represents the interests of big business (2) is specifically provided for in the United States Constitution (3)has the power to formulate and enforce regulations (4) must get approval from the states to carry out national laws 5.Many reformers who opposed the laissez-faire attitude of the late 19th century argued that(1) the National Government should not interfere in the activities of big business …big business (2) national wealth could best be assured by the accumulation of gold (3) the idea of rugged individualism is vital to the nation’s economic growth