Final answer:
Cheaper textile goods led to increased cotton farming and enhanced living standards for the working class, while the availability of textiles increased due to efficient mass production.
Step-by-step explanation:
The industrial capabilities used in the textile industry, which led to decreased prices of cotton goods, had a transformative impact on society. Among these effects, increased demand for cotton farming occurred as cheaper goods drove up the consumption of cotton textiles, leading to more extensive cultivation of the crop, often reliant on slave labor.
Additionally, the affordability of textile goods significantly enhanced the living standards for the working class by making clothing and household textiles more accessible, ultimately contributing to a consumer culture and improving material quality of life.
Lastly, with greater manufacturing efficiency, there was no decline in the availability of textile products; on the contrary, the market was flooded with British textiles after their industry's mechanization, which made these products readily available on a larger scale than ever before.
Therefore, when considering the impacts of cheaper textile goods, options A) Increased demand for cotton farming and C) Enhanced living standards for the working class are correct. Option B) Reduced profits for textile manufacturers does not apply as the mass production and high demand led to tremendous profits. Option D) Decline in the availability of textile products is also incorrect as the industrialized textile production meant an increase in availability.