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Explain how antitrust laws ensued change in the business industry.

Antitrust laws also referred to as competition laws, are statutes developed by the U.S. government to protect consumers from predatory business practices. They ensure that fair competition exists in an open-market economy.

Explanation:

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a list of local governments in the us which go in order from the largest to the smallest division may be represented in the following way:

1. local government: it is placed below the level of state government as it refers to the jurisdiction government.

2. county government: states are organized into counties for administrative purposes.

3. township governments or municipalities: some counties are divided into towns or municipalities as population centers. cities, boroughs and villages are included at this level.

4. districts: special purpose districts encompass areas in municipalities.

a hypothesis is an expected answer to a question, usually based on some theory or prior research. hypothesis testing is a method of determining the viability of a hypothesis. let’s use the us presidential election as an example. there are many hypotheses (questions) about how people feel or whom they will vote for. the only way to know the 100% “truth” about the answers to these questions is to ask every single possible voter – something that is impossible, expensive, time consuming etc. instead, we take samples and use statistics to make “best guesses” about the answer to a particular hypothesis. we never know for sure if our conclusion is right at the time we accept/reject it, but these techniques, when used appropriately can get us close to the truth most of the time (which is a lot better than guessing, flipping coins or throwing darts to get answers).

the tricky part about hypothesis testing is that we have to think somewhat backwards about it – we have to test what is known as the “null hypothesis”. as an example, the hypothesis might be “obama is more popular than romney” while the null hypothesis is “there is no difference in popularity between obama and romney”. we focus on the null hypothesis because it tells us exactly what the expected value of our tests should be (obama popularity = romney popularity) and we can collect data and see if it comes out that way (see next section on “significance”). if it does, then we “accept the null hypothesis” and reject our original hypothesis. if the null hypothesis is disproven, we look at the data to see if our original hypothesis holds (obama> romney).