Antitrust Laws: Monopolies, Oligopoly And Fair Competition

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Task 3 Antitrust laws were set up by the federal government as a way to try to keep business in fair competition with each other. They were preventing businesses from forming monopolies, oligopoly, and illegal mergers. The laws were attempting to prevent businesses from trying to fix prices, which in turn would help the production of quality goods and better services. Healthy and fair competition between businesses would make sure that consumer demands are met not only by the manufactures but also with the sale of the goods being at reasonable prices. It began with the Sherman Antitrust Act of 1890. This law removed limits on competitive trade and made it against the law to make a monopoly or try to take over a certain market. The Clayton…show more content…
There may be other similar businesses, but in the case of a monopoly, there is only one business or individual that can provide a specific product or service. An oligopoly is where the product or the service may be available from more than one vendor, but only a few big merchants are in control of the market. This makes it hard for new competition to try to enter the field. Industrial regulations suppress monopolies and oligopolies from price fixing. The regulations make competition a necessity which in turn keeps the prices to consumers more affordable and competitive. It also helps out the company suppliers. The regulations make it so companies cannot dictate who their suppliers supply to or make deals…show more content…
The Occupational Safety and Health Administration (OSHA) is charged with enforcing regulations to ensure that men and women have a safe and healthy working environment. They set up training and educate employers on how to keep the workplace safe. The Consumer Product Safety Commission (CPSC) regulates products, specifically the products that could eventually become not safe. They do this by prohibiting hazardous products, summoning back products that have potential defects, and spending the time to study the potential hazards found. The Environmental Protection Agency (EPA) regulates the amount of pollutants that atmosphere is exposed to during production. They do this by conducting environmental studies, assessments, research, and education. They are concerned with how much human activity can have an impact on the environment. The Equal Employment Opportunity Commission (EEOC) enforces anti-discrimination laws. This law regulates workplace discrimination on the basis of race, gender, age, religion, or disability. They make sure that employers provide reasonable accommodations and access for any qualified workers and disabled applicant. The Food and Drug Administration (FDA) protects and promotes public health through the regulation and supervision of food safety and tobacco products. They also have a hand in regulating pharmaceuticals, both over-the-counter and prescription, to include dietary

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