Untitled Title "Vanderbilt began looking at New York railroads from a wider perspective. He realized intuitively that railroads were inherently a volume business. With high capital costs and schedules that meant that trains ran regardless of whether they were empty or full, railroads had to fight for business or go broke. Thus price wars were a common feature of the nineteenth-century railroad industry. The only way to prevent them were agreements--cartels--among competing railroads." --John Steele Gordon, "The Great Game," 1999 15) Based on the excerpt above, which of the following would be most accurate about Vanderbilt's beliefs in economics? * 5 points a) Competition creates economic growth b) Laissez-Faire economic fails to regulate the economy c) Railroads creation would spur economic growth for decades d) Government regulation would allow the economy to fix price wars