In the 1800s, railroads broke up the monopoly position of wagons, ships, and barges as the major means of transporting goods. This would be an example of
A)the fast-second strategy.
B)the inverted-U theory.
C)creative destruction.
D)venture capital.

Question

Quizplus · Accepted Answer

Creative destruction refers to the process by which new innovations lead to the demise of older technologies or methods. In this case, the advent of railroads disrupted the existing transportation methods (wagons, ships, and barges), making it a classic example of creative destruction.

In the 1800s, Railroads Broke Up the Monopoly Position of Wagons