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noahburge42

Key basic industries, such as railroads, textiles, and steel had barely made a profit. Railroads lost business to new forms of transportation (trucks, buses, and private automobiles, for instance). Coal mining was especially hard-hit, in part due to stiff competition from new forms of energy, including hydroelectric power, fuel oil, and natural gas.

chilljain33

The correct statement will be that the key basic industries lost business due to their underwhelming business strategies and expansion plans for future growth.

There was a massive growth in the competition after developments of new technologies due to the ever increasing demand and shortage of supply among consumers.

  • As soon as there was an increase in population there was a massive increase in demand for consumer goods and products. This led to the necessity that there was a need to adapt newer technologies.

  • As a result the production became faster hampering the growth of the industries involved in the business of mining, electricity generation, textiles, etc.

Hence, the key industries lost business due to the increase in population and demand, development of technologies and shortage of supply, etc.

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https://brainly.com/question/2839443

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