EGT1 Task 3 - 1850 Words

WGU EGT1 Task 3 Student# In this essay I will discuss a few terms and how their relationships apply between regulation and market structures, as well as how regulation policies affect the market. A) There were 4 particular Antitrust Laws that were enacted with the primary purpose of protecting consumers, striving to achieve fair competition in the market place, and to achieve and allocate efficiency. The 4 Antitrust Laws that are major pieces of legislation are; The Sherman Act of 1890 The Clayton Act of 1914 The Federal Trade Commission Act of 1914 (which also includes an Amendment known as the Wheeler-Lea Act of 1938) The Celler-Kefauver Act of 1950 (which is an Amendment to the Clayton Act of 1914) The†¦show more content†¦The Celler-Kefauver Act of 1950 was an amendment to the Clayton Act of 1914 that particularly had to do with section 7 prohibiting competitive firms from merging and or from similar acts by one corporation from buying another corporations stock or physical assets (trying to act like a monopoly) which both lessen competition. The main purpose of this act was to prevent anti-competitive mergers and to close any loopholes. B) The intended purpose of Industrial or Economic regulation as applied to Oligopolies and Monopolistic market structures is used to reduce the market power of both! A government commission regulates the prices charged by â€Å"natural monopolists.† Industrial Regulation is necessary to prevent natural monopolies from charging monopoly rates which may harm consumers/ society. Industrial Regulation tries to establish pricing that will cover production costs and provide a fair amount of return to businesses. Price=Average Total Cost, where normal profit is accomplished. (governs pricing, output, profits in specific industries). 1) An Oligopolistic market structure is a structure where very few large businesses sell a particular standard Good or differentiated Good, and to whose market entry proves difficult. This in turn, gives little control over product pricing because of mutual interdependence (with the exception of collusion among businesses) creating a non-price competition meaning they are the ‘price setters’. A good rule to help classify anShow MoreRelatedEgt1 Task 3751 Words   |  4 PagesEGT-1 Task 3 Revised A. Summarize the four major pieces of legislation collectively known as the Antitrust laws. United States antitrust law is a collection of federal and state government laws, which regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers. The four major pieces of legislation known as the Antitrust Laws include: The Sherman Act, The Clayton Antitrust Act, The Federal Trade Commission, and the Celler-KefauverRead MoreEgt1 Task 3 Essay1094 Words   |  5 Pageselasticity of demand positive. v) On the other hand, with complementary goods such as hotdogs and hotdogs buns. If the price of hotdogs increase, then no one would by buns since both complementary making the cross elasticity of demand negative. 3) Discuss income elasticity as it pertains to inferior goods and to normal goods (sometimes also called superior goods). c) Income elasticity of demand measure change due to income only. If a person loses their job and in turn finds employmentRead MoreEgt1 Task 3 Essay1068 Words   |  5 PagesAnthony J. La Salata BS, Business Management 3/1/2012 Student I.D. #000254042 My Mentor: Nicole Sandburg Cell# 1(360)941-4062 Arlington, WA –PST A. Summarize the four major pieces of legislation collectively known as the Antitrust Laws. United States antitrust law is a collection of federal and state government laws, which regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers. The main statute was the ShermanRead MoreEgt1 Task 11144 Words   |  5 PagesEGT1 Task: 309.1.1.05, 06 In business there are certain factors that have to be evaluated before a company can see if a profit has been made. To even get to the point where a profit will be made there has to be a product that is sold whether it is a tangible or an intangible product. There has to be something that the business is selling in order to make that profit. The amount of profit that is attained is the outcome of the total revenue minus the total cost. This will then show theRead MoreEGT1 Task31229 Words   |  5 Pagesï » ¿EGT1 Task 3 Bachelor of Science, Business Management Student ID: Mentor: The scope of this paper is to break down and define social regulation, industrial regulation, and natural monopolies by explaining how they have impacted society and why they exist. It is also the intent to summarize the Antitrust Laws, explain the major functions of the five primary federal regulatory commissions that govern social regulation, and identify three  main regulatory commissions of industrial regulationRead MoreEGT 1 Task 22192 Words   |  9 Pagesï » ¿Running head: EGT1 Task 2 EGT1 Task 2 Elasticity Western Governors University Element A: Elastic Demand, Inelastic Demand and Unit Demand Understanding the law of demand pertaining to the elasticity of demand with other things equal measures consumers’ responsiveness or sensitivity to change in price of a product. The measuring of the degree of change or percentage of change will result in either elastic, inelastic, or unit demand. Elastic demand or â€Å"elasticityRead MoreEgt12776 Words   |  12 PagesEGT1 Global Business Cross Cultural Differences in India Western Governors University India has become a global conduit for business as they have liberalized their economic policies over the past 20 years. Companies are flocking to India because of many factors, including, less expensive labor costs, increasing growth rate, and an abundance of a highly skilled workforce. These factors in addition to other advantages have substantially increased the number of United States businesses lookingRead MoreGreen Human Resource Practices : Barriers to implement Green HR Practices6100 Words   |  25 PagesLecturer GIFT University Gujranwala (Research Paper) Acknowledgement We start this research project with the Holy name of ALLAH ALMIGHTY, who bestowed us the ability potential to accomplish this task also gave us the command on this subject, which is impossible without ALLAH’s blessings. Than we thank our parents who always gave us support our respectable teachers specially our most respectable worthy teachers Mr. ABID AWAN and Mr. HASSAN