How can antitrust law be used to promote social welfare?

Antitrust law is used to promote social welfare by aiming to protect the interests of consumers. By prohibiting businesses from engaging in practices that limit competition, such as price-fixing, monopolizing markets or forming cartels, antitrust law makes it easier for consumers to have access to more competitive prices and better quality goods and services. As a result, consumers are able to purchase products they need and/or want at lower prices, while businesses are incentivized to provide better quality products and services in order to remain competitive in the marketplace. Additionally, antitrust law helps to prevent the potential for businesses to exploit their power and influence over consumers. By maintaining a competitive marketplace, antitrust law helps to ensure that businesses cannot take advantage of consumers for exorbitant prices, which could otherwise lead to a decrease in overall consumer welfare. Finally, antitrust law can also help to protect small businesses from nefarious business practices by larger corporations that could otherwise lead to the smaller business having to close their doors. This helps to protect individuals and families from potentially losing their livelihoods and sources of income due to the practices of larger businesses. With antitrust law, small businesses are better able to compete in the marketplace and protect their business interests.

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How can antitrust law be used to promote social welfare?

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