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Industrial Regulation: Eco Bus - Case Study Example

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In the paper “Industrial Regulation: Eco Bus” the author discusses entrepreneurship and competition as the crucial driving forces to better economic growth. Through industrial regulation, governments are able to increase or reduce barriers to competition…
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Industrial Regulation: Eco Bus
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Download file to see previous pages Industrial regulation affects these entities due to the following reasons: first, monopolistic markets mostly charge a higher price and a lower quantity output than would occur under competitive conditions. Secondly, they can create an inefficient allocation of resources by encouraging underproduction and overpricing of the goods that persist. More allover, they can cause a redistribution of resources from consumers to producers, through the reduction in output and increase in price that leads to a loss of consumer surplus and an increase in monopoly profits. Additionally, due to the lack of pressures from the competition they tend to have reduced incentives for efficiency, innovation, and quality. Lastly, oligopolies are mainly created through mergers or collusions to fix prices, control output, and restriction of competition all which sum to unfair trade practices. Through industrial regulation, the government is able to keep a tap on these entities by enforcing measures such as competitive law that restricts monopolies, implementation of perfect competition policy and other regulation of prices, profit rates especially in situations where perfect competition is quite impractical. Social regulation is the government restriction aimed at prohibiting harmful corporate behavior and protecting public interests in areas such as health, safety, environment and social cohesion (Gilardi 15). They exist to address certain social problems such as environmental pollution, product safety, public health concerns, discrimination, gender issues, and worker safety. They affect all entities in the four market structures (monopoly, perfect competition, oligopoly, and monopolistic competition) since they are aimed at protecting the public interests and are not there for economic or competition mechanism. These rules govern the entities’ expected behaviors and set standards for compliance. In case of non-compliance, the concerned regulatory body can sanction the entity. Additionally, there may be some rewards for compliance. A natural monopoly occurs when a single firm has other overwhelming cost advantages over other actual and potential competitors, hence it can supply a good or service to the whole market at a lower cost than other firms can (Mankiw 302). A natural monopoly can occur when the initial investment cost is gigantic especially for firms venturing in public utility business, thus the cost acts as the entry barrier for other enterprises.  ...Download file to see next pagesRead More
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