Competition – The graduate analyzes a firm?s competitive environment to determine whether the market exhibits characteristics of perfect competition, monopoly, oligopoly, and monopolistic competition.
Describe how the need for governmental price regulation differs for firms in different competitive environments.
A. Define industrial (i.e., economic) regulation.
1. Explain why industrial regulation exists.
2. Explain how industrial regulation affects the market.
3. Explain the entities affected by industrial regulation in terms of market structure.
a. Explain why industrial regulation affects those entities you identified.
B. Define social regulation.
1. Explain why social regulation exists.
2. Explain the entities affected by social regulation.
a. Explain how social regulation affects the entities you identified.
C. Define natural monopolies.
1. Explain how natural monopolies are established.
2. Explain the justification for natural monopolies according to economic theory.
3. Provide an example to support your explanations.
D. Summarize the four major pieces of legislation collectively known as the Antitrust Laws.
E. Identify the three main regulatory commissions of industrial regulation.
1. Explain how these regulatory commissions govern industrial regulation.
F. Explain the major functions of the five primary federal regulatory commissions that govern social regulation.
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