Eg1 Task 309 Essay

1284 words - 6 pages

Industrial Regulation is the regulation on an entire industry by the government. This form of regulation exists to safeguard industry prices and to prevent the formations of monopolies. One of the key reasons of industrial regulation is to protect the consumer from being taken advantage of. Industrial regulation can affect the market by passing on higher prices to the consumer as a result of higher production costs. Do to the lack of competition in certain industries industrial regulation could lead to x Inefficiency in the market place. This form of regulation could also affect the market by keeping a monopoly in power long after natural monopoly conditions have expired. The regulation ...view middle of the document...

This type of government regulation exists to protect public’s interests such as, health and the environment. Social regulation applies to all industries, for example the EEOC. The Equal Employment Opportunity Commission is a regulatory commission that has been set up to make sure that businesses treat employees as equals no matter what the individuals make up may be. Social regulation affects all entities from hiring practices all the way to having a restroom outfitted to help a handicap person navigate the facilities better. Not only does social regulation help level the playing field at the work place, it also protects you as a consumer in the market place. The FDA requires intense testing on new pharmaceuticals in order for a drug to release to the open market. If the FDA determines the drug to be unfit they could ban the drug and it could be a big loss for the company developing it.

A natural monopoly is when a firm can supply the market with the entire demand for a good or a service for a price much lower than other firms can. A natural monopoly is formed when the economies of scale are so large that only one firm can produce the good at the lowest average total cost. Efficiency helps justify natural monopolies, such as in the utilities industry. In the utilities industry, infrastructure is a very large cost of doing business; it would be inefficient and costly to duplicate facilities such as power stations. With that being said there is no reason to set up competing stations for the sake of competition, the existing firms are able to provide prices at a fair rate to the public.

There are for major pieces of legislation that make up what we know as Antitrust Laws. The first being the Sherman Act of 1890 was the first law passed that committed the United States government to fighting monopolies. In summary this law makes monopolies and any attempts to constrain trade illegal. Next came the Clayton Act of 1914, it was designed to strengthen the Sherman Act. The focus of this act was to stop anti-competitive market practices such as addressing issues of price fixing, price discrimination and unfair business practices like individuals being directors at two competing firms. Also in 1914 we had the Federal Trade Commission Act of 1914, which set up the Federal Trade Commission, The Federal trade Commission was designed to investigate corporate conduct, holding hearings, and issues cease-and- desist orders to those that were in violation of unfair business practices. Finally there was the Celler-Kefauver Act of 1950; this act amended the Clayton Act of 1914, by preventing certain mergers and acquisitions that would lead to the development of monopolies or the reduction in competition.

In order to for industrial regulation to exist y the government must set up commissions to oversee and regulate industry. The first commission is the...

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