WGU D080 UNITS 3-6 - Study Guide Questions (GLOBAL) | Latest 2023/24 | Updated & Verified | Guaranteed Success | 30 Pages

How do monopolies hurt consumers? - lack of economic competition, corporations have the ability to raise the market price without losing customers to competition. _________________ are statutes developed by governments to protect consumers from predatory business practices and ensure fair competition. - anti-trust laws A farmers market has many vendors and consumers who all sell and buy the same produce at the same price. Which type of market is represented? - Pure competition A sole, national telephone company was found violating antitrust laws and was forced to separate into regional companies. What caused the violation of the antitrust laws? - Reduced competition (monopoly) Which issue was the main purpose of the creation of the European Union? - The driving issue was that one country or region could control natural resources, such as oil or land, in a monopoly to the detriment of other European countries. Many countries from several geographic regions are accused of dumping steel into the U.S. market at unfairly low prices. Which entity can the United States appeal to in order to correct this apparent market manipulation? - World Trade Organization ___________________ was the first American antitrust policy. It dealt with limiting the power of pricecontrolling cartels. Its scope has since been expanded to include a range of anticompetitive practices. - The Sherman Antitrust Act (1890) The idea that "nature is everyone's business" and led to the emergence of many new environmental laws is referred to as what? - collective environment_________ has been involved in many efforts to protect what is considered the shared global environment and limit the impact of big business on the world's natural resources. - United Nations Environment Programme (UNEP)