Economics – Competition

ECONOMICS

Competency 309.1.3: Competition – The graduate analyzes a firm’s competitive environment to determine whether the market exhibits characteristics of perfect competition, monopoly, oligopoly, and monopolistic competition.

Objective 309.1.3-06: Describe how the need for governmental price regulation differs for firms in different competitive environments.

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Introduction:

The study of government regulation and the competitive environment for business is relevant to all those who study business. All business candidates need to understand how the competitive environment will impact their employers and businesses.

Task:

Write an essay (suggested length of 2–3 pages) that describes the relationship between regulation and market structures and how regulation affects the market.

A. Summarize the four major pieces of legislation collectively known as the Antitrust Laws.

B. Discuss the intended purpose of industrial (i.e., economic) regulation as it applies to the following market structures:

1. Oligopoly

2. Monopoly

C. Explain the major functions of the three primary federal and state regulatory commissions that govern industrial regulation.

D. Discuss the intended purpose of social regulation as it applies to all market structures.

E. Explain the major functions of the five primary federal regulatory commissions that govern social regulation.

F. When you use sources, include all in-text citations and references in APA format.

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