The United States has an abundance of fair practices laws that are intended to make things fair, yet competitive. I believe that these laws are absolutely effective in helping to rebalance our country. Fair business practices protect businesses and consumers in many ways, including: protection from monopolization, conspiracy to fix prices or allocate customers, price manipulation, and many other important protections (SBA, 2013). In 1890, Congress passed the Sherman Act in their first attempt to protect businesses and consumers (FTC, 2008). This act was intended to strike at monopolization and unreasonable trade. To protect consumers and businesses, monopolization was decided; or the practice of controlling the single market, was an unjust act. Monopolies not only have the ability to play with prices, but they can also decrease the quality of their products (Amadeo, 2013). For the consumer it might be a shame if, for example, the only supply of infant formula was controlled by a single company and the price increased by 40% after eliminating the competition. In some cases, however, monopolies might be beneficial and are not actually illegal in the United States. A monopoly can be good if they use their power to consistently provide a product or service. In cases such as electricity and water, where the cost of providing them is extremely high, they are controlled by the government which protects the consumer from high prices. The government controls the prices it sets and allows them to recover and make a reasonable profit for their services and products (Amadeo, 2013). This shows that monopolies are not illegal, but are strictly controlled under the Sherman Anti-Trust Act. In 1914, and yet... half of the document... Retrieved from http://www .ftc.gov/ speeches/other/patman.shtmReference date on the web: November 15, 2013Cornell University. (2013). Unfair Competition Law: An Overview. Retrieved from http://www.law.cornell.edu/wex/unfair_competition Web reference date: November 15, 2013 Federal Trade Commission. (2008, July 8). Antitrust laws. Retrieved from http://www.ftc.gov/bc/antitrust/antitrust_laws.shtm Web reference date: November 15, 2013 Investopedia. (2013). Hart-scott-rodino Antitrust Improvement Act of 1976. Retrieved from http://www.investopedia.com/terms/h/hart-scott-rodino-antitrust-improvements-act-of-1976.asp Web reference date: November 15, 2013United States Small Business Administration. (2013).Understanding fair practice. Retrieved from http://www.sba.gov/content/understanding-fair-practice Web date: November 15, 2013