Introduction: The study of government regulation and the competitive environment for business is relevant to all those who study business. All business candidates need to understand how the competitive environment will impact their employers and businesses. Task: Write an essay (suggested length of 2â€“3 pages) that describes the relationship between regulation and market structures and how regulation affects the market. 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. G. Include all in-text citations and references in APA format.
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