Despite dramatic increases in trackage during the antebellum period, the U.S. was slow to develop an integrated railroad system. This was primarily due to
a. the opposition of municipal governments to railroads.
b. the opposition of the federal government to railroads.
c. the failure to adopt a standard gauge for track.
d. heavy taxes on railroad companies.
c. the failure to adopt a standard gauge for track.
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The price elasticity of demand for a linear demand curve follows the pattern (moving from high prices to low prices)
a. elastic, unit elastic, inelastic. b. unit elastic, inelastic, elastic. c. inelastic, unit elastic, elastic. d. elastic, inelastic, unit elastic.
A characteristic that is important, but not essential to defining a perfectly competitive market is:
A. goods are standardized. B. buyers and sellers are price takers. C. firms can freely enter and exit the market. D. All of these are necessary to define a perfectly competitive market.