A. Antitrust Laws
These are also known as competition laws. These laws prevent unfair competition and practices from large companies and corporations. There are four sections of these laws. The first one is an agreement between competitors. This agreement prevents fixing of prices by limiting contracts of similar competitors dealing in a similar product. It also forbids a business from encroaching into the territory of another. Another section of antitrust laws is the contract between buyers and sellers. The intention of this is to protect buyers from unfair selling practices. It sets the stage for warranties and improved quality of products and services. The third piece is prevention of powers of monopoly whose aim is to prevent the exclusionary practices that create and perpetuate monopoly. This injects fairness in competition and improves the quality of services. Finally, there is the restriction of mergers. The aim of mergers is to ensure efficiency in the running of business. However, sometimes they reduce competition. Accordingly, antitrust laws restrict their formation.
B. Purpose of industrial Regulation in Relation to Oligopoly and Monopoly
Oligopoly arises where a small number of firms control the market. Industrial regulation intends to improve the quality of prices these firms offer, and ensure fair competition between them. Monopoly exists where a single person or enterprise dominates the market. Regulatory frameworks exist to ensure that the quality of products meets the standards, and prices are fair enough for the consumers.
C. Functions of The Three Primary Federal and State Regulatory Commissions
The primary federal and state regulatory commissions exist to review the existing regulatory framework and adopt changes on a continuous basis. They ensure compliance with the established regulatory framework by firms and corporations. An example of these commissions is the Federal trade commission. Its function is to enforce federal antitrust laws and protect customers from unfair trade practices. There is also the international trade commission which directs actions against unfair trade practices such as trademarks, patents, and other issues related to copyright infringement. These commissions ensure that companies comply with the established federal and state regulatory framework.
D. Purpose of Social regulation
Social regulation intends to prohibit certain harmful corporate social behavior by business corporations. It also ensures that businesses exercise their corporate social responsibility. It prohibits practices such us pollution of environment and injects desirable social practices throughout a business and its structures. This regulation aims to protect the society from practices that may potentially impact on the individual health of its members. The regulation sets standards that every business must meet to ensure successful social and environmental standards.
E. The Major Functions of Primary Federal Regulatory Commissions Governing Social Regulation.
There are commissions established to govern the social regulation and ensure that corporations comply with the established social frameworks and procedures. They exist to ensure that companies fulfill their corporate social responsibilities and obligations. The Federal Regulatory Commissions review the existing regulations in regards to the social structures of companies with the aim of improving them. The purpose is to ensure that they comply with the existing social regulatory framework. They set standards for social regulatory frameworks in order to realize a protected social environment. They prevent the business corporations from conducting harmful practices that may pollute the environment and impact negatively on the health of employees and the entire society.