Andrew Carnegie and John D.Rockefeller

question 97

Multiple Choice

Andrew Carnegie and John D.Rockefeller:

• A) faced no criticism for their business practices.
• B) led the way in social reform.
• C) advocated government regulation of business.
• D) built up giant corporations that dominated their respective markets.
• E) were both immigrants.

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Definitions:

Elastic

Elasticity in economics refers to the responsiveness of demand or supply to changes in price or income.

Completely Inelastic

Describes a situation where the demand or supply for a good or service does not change in response to changes in price.

Inelastic

Describes a situation where the demand or supply for a good or service is relatively unresponsive to changes in price.

Elastic

Describes a situation in economics where the supply or demand for a good or service significantly changes in response to changes in price.