Final answer:
The reader experiences the events the same way the participants did at the time.
Step-by-step explanation:
The effect of telling the story of the peasants' revolt in chronological order in the selection from 'The Worms of the Earth against the Lions' is that the reader experiences the events the same way the participants did at the time (option 2). By following the sequence of events according to their order, the reader is able to understand the progression of the revolt and the events as they unfold in real time. This choice helps the reader connect with the story and understand the context and significance of each event.