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In this one-page paper, you will report on the history of and justifications for antitrust legislation in the United States. Perfect competition is...
In this one-page paper, you will report on the history of and justifications for antitrust legislation in the United States.
Perfect competition is our paradigm. If there is lots of competition, there is little (if any) need for government regulation, at least according to Adam Smith. Yet, we have much regulation to stop practices that try to exert monopoly power. Use information about monopolies and oligopolies (especially barrier to entry materials) to explain how we got to a point that we don't have perfect competition, and believe we need some degree of regulation. Your answer should incorporate the various laws regulating industry concentration, and the Supreme Court's relevant historic decisions.
Grade CriteriaA to A- 90 - 100%
- Paper accurately describes various barriers to entry and how they limit competition. Paper accurately describes how the market power businesses experience in concentrated industries can lead to inefficient economic outcomes.
- Paper recognizes the costs as well as the benefits of both concentrated industries (given "current" technology), and of government regulations to protect consumers and enhance competition.
- Paper accurately incorporates key anti-trust laws and court decisions.
- Paper has clear purpose; addresses all aspects of the assignment
- Paper makes its case through logical ideas
- Mechanics of writing are strong; few if any errors
- Paper cites sources using style appropriate to the discipline
