The Pros And Cons Of Antitrust Laws

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Economically consumers have the right to benefit from the competition of the open market. Trust agreements and monopolies impede the competitive nature of trade and are considered criminal acts of collusion. According to the United States Department of Justice website, antitrust laws “prohibit business practices that unreasonably deprive consumers of the benefits of competition, resulting in higher prices for products and services” (Antitrust Laws and You). In order to ensure fairness in the market, according to the USDOJ, antitrust laws “protect and promote free and open competition in the marketplaces of America” (Justice.gov). On the Investopedia website in an article titled “What is an antitrust law?” by Justin Bynum, antitrust regulations protect consumers from “predatory business practices” and are “designed to maximize consumer welfare”(Bynum). The Antitrust Division of the Federal Trade Commission and the Antitrust Division of the United States Department of Justice enforce the regulations that govern market practices. There are federal and state laws that address these issues. These laws address questionable business practices in the form of collusion that are a threat to consumerism such …show more content…
This creates a monopoly where one business controls the market for a product or service and suppresses competition with an anticompetitive product (Justice.gov). Without fair competition consumers are forced to pay the cost of goods without a choice to go through different suppliers.
Bid Rigging takes place when companies participate in a false competition where the outcomes are a part of a set agreement between companies. This is considered a functioning business cartel where businesses take turns winning in rigged bid “competitions.” This is done in order to “retain the current market share and price thereby preventing competition” (Bynum).

Bid Rigging can

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