Egt1 Task 3 Essay

1068 WordsAug 1, 20135 Pages
Anthony 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 Sherman act of 1890, it is the basis for U.S. antitrust law, and many states have modeled their own statutes upon it. As weaknesses in the Sherman Act became evident, Congress added amendments to it at various times through 1950 the Clayton act of 1914,…show more content…
In economics, a monopoly is a single seller. In law, a monopoly is a business entity that has significant market power, that is, the power to charge high prices.[4] Although monopolies may be big businesses, size is not a characteristic of a monopoly. A small business may still have the power to raise prices in a small industry (or market).[5] A monopoly is distinguished from a monopsony, in which there is only one buyer of a product or service; a monopoly may also have monopsony control of a sector of a market. Likewise, a monopoly should be distinguished from a cartel (a form of oligopoly), in which several providers act together to coordinate services, prices or sale of goods. Monopolies, monopsonies and oligopolies are all situations such that one or a few of the entities have market power and therefore interact with their customers (monopoly), suppliers (monopsony) and

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