A. Summarize the four major pieces of legislation collectively known as the Antitrust Laws.

The four pieces of legislation known as the Antitrust Laws are the Sherman Act of 1890, Clayton Act of 1914, The Federal Trade Commission Act of 1914, and the Celler-Kefauver Act of 1950.
The Sherman Act was put into place to stop any price fixing or anything illegal for a company to become so big that it dominated in its area so there couldn’t be any competition. The Act was written and to the point, but in the end failed to live up to its intent. In 1914, The Clayton Act was written to add on to the Sherman Act and make it more stable. By doing this the government could fight against monopolies better. The Clayton Act got rid of price discrimination, tying contracts, stock acquisitions, and it did not allow people to participate in cross directorships, meaning a person couldn’t be part of two competing companies. The Federal Trade Commission Act of 1914 was made up of 5 people to enforce the antitrust laws. They are able to investigate any wrong doings and report them to the U.S. Justice Department. The Celler-Kefauver Act of 1950 is an amendment to the Clayton Act. It was found that even though the Clayton Act improved on the Sherman Act there were still loopholes that companies could use to stay out of trouble. With the Celler-Kefauver Act amendment it stops competing firms from merging by stating that one company cannot get the physical assets of the other company.
B. Discuss the intended purpose of industrial (i.e., economic) regulation as it applies to the following market structures:
1. Oligopoly
In an oligopoly market there are few companies that have the same product or service. Because of this, the companies compete with each other and the price for the product or service may be too high for the consumer. So, industrial regulations help the