Interest In Video Games - Free Essay Example

Sample details Pages: 9 Words: 2716 Downloads: 7 Date added: 2019/05/07 Category Entertainment Essay Level High school Tags: Video Games Essay Did you like this example? Introduction Globally people have developed an interest in online gaming and video games. Video games encompass a wide audience, from casual players to professional competitors. The industries strong continual growth in revenue is a sure sign of this fact; however, there are major security concerns for online gamers that need to be addressed from a cybersecurity aspect. Don’t waste time! Our writers will create an original "Interest In Video Games" essay for you Create order This term paper focuses on online video gaming, and how the online gaming industry is a target for scams, fraud and hacks as well as some previous major scams and cyber vulnerabilities. This paper will address, as well, whether companies or businesses that create these games have some security in place and if not, how they should protect their users information. Scams Any fraudulent business or scheme that takes money or other goods from an unsuspecting person is known as a scam (Computer Hope, 2017). The Internet has made it easier for thousands of scams to occur daily. In the past couple of years, online gaming scams have soared in an industry that is said to be worth more than $15 billion dollars. In an article, the author identifies seven of the most common types of online gaming scams from Internet fraud to phishing scheme traps, to phony jobs that allure users to test video games. Other scams include fraudulent cellphone use and charges, virtual gold and other imaginary credits bought with real cash, and reliability on illegal forms of content sharing (K, n.d.). Amongst these threats include cellphone dialers, who downloaded an anti-terrorism game onto the victims cellphones, which results in long distance and premium calls being made. Cell phone users will run virtual businesses and other activities through the earning of credits obtained by playing social networking games (K, n.d.). Since credits are so hard to come by, the victims of these games oftentimes encounter other players or even receive emails where they can earn free credits if they view ads or watch a short clip or take part in other quizzes. When users take these test your IQ quizzes, they have to input their cellphone number to obtain the results and some advertising-driven offers are not considered genuine (Keith, n.d.). Lurking in the small, fine print of these offers lays a trick that is old and familiar which pushes the victims to sign up for a recurring monthly fee, of 5-10 dollars. Another deceitful attack is when scammers trick their victims in a one-time fee, typicall y $40 or less, allowing the victim unlimited downloads of most PC or device games like PSPs and Xbox (Keith, n.d.). The users do no realize that they are getting a set of links to torrent sites that enable users to swap games and other files. When a user downloads from a torrent site, they commit an illicit of piracy. These file sharing sites often come riddled with malware, which can further endanger the victims information. The most common scam, phishing, is when attackers send legitimate looking emails to players, asking for information regarding their account, in order to resolve an issue or give a ?special promotion. Once a victim responds to these emails, their original account and information is in jeopardy. One topic in the phishing emails could be the promise of virtual assets like gaming credits, or special equipment which can be bought and sold between players. Amongst this virtual trade lie scammers who sell items they do not have, in hopes of making a quick buck from pl ayers. Scammers will promise, as well, video game testing positions, with pay up to $100 an hour, a list of dead leads for a hefty price, or useless training (Keith, n.d.). Another article that was found talks about seven ways modern games have turned into scams. The seven ways are: 1.) hundred-dollar buttons, 2.) paying for healing, 3.) EAs rating scam, 4.) retroactive ruination, 5.) breaking pieces of the game to sell, 6.) undoing your money, and 7.) turning games into chores (McKinney, 2015). In the game Super Monster Bros, Mario remade with Pok? ©mon sprites, every second tap that a child does on the screen will bring up a purchase confirmation for items, usually that cost $100 dollars. If a child hits yes or sure at the alert that pops up at the start of a new game then that child downloaded a Trojan horse and not a new game and will require the parents credit card. McKinney states that in Dungeon Hunter 4, your options are ?FIGHT, ?ITEM, and ?CREDIT CARD, because you have to buy healing potions (2015). Apparently, each player starts each day with three healing potions. The only way to get more is to pay cash money for them. A game that carves itself into pieces, where the player has to buy items in order to move on, would be Demons score (McKinney, 2015). Demons Scoreis a music/rhythm game where each costume unlocks a new musical theme. A player starts the game with only one costume so if that player wanted to beat the game without buying the extras, he/she would have to repeatedly play the same musical level. On the other hand, there are players who invest time and money in games to continue on with the story just to have it shutdown. SimCity Social, The Sims Social and Pet Society were gaming worlds that EA casually informed its players that they would be shutting down. In that case, the players lost the money that they had invested or bought on those games and EA did not want to give them the money back (McKinney, 2015). The author SebastianZ (Z), an employee with Symantec, mentioned that most phishing attempts target most popular games that have the biggest base of players (2014). Nowadays the cherry on top would be Blizzard. Blizzard is an innovator in the online gaming community as they have created games such as World of Warcraft, Diablo, Starcraft and a few others, which are manageable by one shared account, Battle.net and may include a players gaming data, real payment information, such as Paypal or Credit Card information. However, Blizzard is aware of phishing attempts that target unaware gamers and tries to educate and gives recommendations on what not-to-do if one is faced as a target for a phishing email. Phishing does not necessary mean that it will come in email form, according to Z. An online chat system or in-game mail system can be found in every online game nowadays. TrendLabs gives an example of an in-game phishing attack for World of Warcraft. Attackers were tempting the gamers by sending them invitations to beta-testing of World of Warcraft expansion: Mists of Pandaria. If the users participated, they would get a free in-game mount obtained by following the provided link. The player clicks on the link and is brought to a website that poses as a legitimate Battle.net page. Their account would be compromised as soon as they logged in to claim the reward (Z, 2014). Z goes on to explain that in-game trade, account trade or sale, gold and items sale and power leveling are common online game scams that a user may encounter. Vulnerabilities Just like the online gaming industry is prone to scams, it is subjected as well to constant vulnerabilities like distributed denial of service (DDoS) attacks, spoofed websites, money being stolen with ransomware and scareware, brute force attacks and keyloggers, social engineering techniques, and more. In 2011, the world saw Sonys PlayStation network become a victim of a high-profile DDoS attack and according to Ma, the attacks have gotten more powerful and more frequent (2017). Over the years, companies like Xbox Live, Nintendo, League of Legends, Blizzard, and smaller networks have all suffered devastating DDoS attacks. Since DDoS attacks are growing in frequency and severity, gaming networks that have latency and outage issues struggle (Ma, 2017). Ma in her article, states three types of DDoS attacks that negatively impact gaming servers. The three attacks are: volumetric attacks, protocol attacks and application layer attacks (2017). Volumetric attacks are brute force attacks tha t can include Internet Control Message Protocol (ICMP) floods, User Datagram Protocol (UDP) floods and spoof packets. When this attack occurs, the bandwidth is flooded and access to online resources is blocked. Protocol attacks target the online server resources that can affect communication equipment such as, firewall and load balancers (Ma, 2017). The most sophisticated types of DDoS attacks, the application layer attacks, are the attacks that mimic human user behavior making them hard to detect. The gaming company Valve owns the multi-OS platform, Steam, which is an e-store for video games. According to Dickson, Steam has more than 125 million members, 12 million concurrent users and thousands of games (2016). Steam offers features for game inventories, trading cards and other valuable goods that users can purchase and attach to their accounts. Cook(a), Dickson and Paganini(a) both state in their articles that a new breed of malware, Steam Stealer, that is responsible for the hij acking of millions of user accounts (2016). All three authors state that Steam, in 2015, admitted that about 77,000 Steam accounts are stolen every month. Kaspersky Lab has identified more than 1,200 specimens of the malware (Dickson, 2016). Cook describes the grey market as the biggest unintended consequence of video games since the move to online (2016a). The grey market is where virtual items through regular game play are sold for real money, with sellers ranging from U.S. college students working for beer money to Chinese children sitting at Internet cafes for 20 hours a day (Cook, 2016a). Paganini states in his article that in 2015 Lizard Squad, a hacktivism group, knocked Sonys PlayStation Network and Microsofts Xbox Live offline on Christmas Day, which affected thousands of gamers and prevented them from accessing both services (2016a). Paganini says that spoofed websites are fake websites that contain malware, where unsuspecting users click on them and have their information stolen. Cybercriminals in 2015 were infecting gamers machines with ransomware. This caused users to not be able to play any of their games until they paid a Bitcoin ransom (Paganini, 2016a). Sony, Ubisoft and others are no exception where cybercriminals pursue log-in usernames and passwords (Paganini, 2016a). In another article by Paganini, Pok? ©mon Go was a game that everyone worldwide went nuts for. Pok? ©mon Go uses augmented reality and the hacking group, PoodleCorp, claimed credit for taking down the servers with DDoS attack (2016b). Users in Europe and US were not able to access the gaming platform because PoodleCorp flooded the servers of the company with so many requests that the servers crashed. Paganini says that PoodleCorp claims it was a test for a bigger offensive which is the most concerning aspect of the attack (2016b). Amir mentions in his article that PoodleCorp is claiming responsibility for DDoS attacks on Blizzard and League of Legend servers. Riot Games created League of Legends, a multiplayer online battle arena video game, for Microsoft Windows and OS X (Amir, 2016). Angry players took their rage to Twitter asking Blizzard support handle about the DDoS attacks. According to Amir, League of Legends decided not to talk about the attack and decided to solve things internally (2016). As if users did not have enough to worry about, Porolli states in his article five threats that online gamers face, which are in no particular order: 1.) TeslaCrypt, 2.) password stealers, 3.) fake game cracks, 4.) fake apps and 5.) phishing. TeslaCrypt falls under malware and it encrypts game-play data for dozens of video games, prompting the user to pay a ransom to decrypt those files. Saved game files, configuration files or game items from Call of Duty and Minecraft were targeted by TeslaCrypt which blocked access. Porolli remarks that TeslaCrypt is no longer operational but the ransomware is still spreading and it not that effective since current games are often designed to save games and settings on the cloud servers (2016). Password stealers are where hackers used social engineering techniques or deceit, through chat message, to have victims install an application. Once a victim downloads the application, which is really malicious software, the victims account credentials are stolen. Another social engineering technique is where players think he/she is installing a crack but the file that is downloaded contains malware and sometimes it cannot bypass the game protections (Porolli, 2016). Among the many games at Google play, an Android Trojan is hidden where attackers can control the Android devices remotely. This Trojan imitates games like Plants vs. Zombies 2 or Subway Surfers. In the year 2016, the video game industry saw a ton of cyber incidents, according to Cook. June 3, 2016 was when Blizzard released Overwatch and within in the first week, thousands of players were permanently banned for cheating. July 7, 2016, Overwatch cheat makers were sued by Blizzard for copyright infringement. Blizzard quoted, millions or tens of millions of dollars in revenue were lost as a result (Cook, 2016b). TinyBuild accused G2A for selling $450,000 worth of stolen game keys on August 1, 2016. On November 14, 2016, hackers stole $15M to $18M in coins from EA, Electronic Arts, FIFA, over a period of two years. The FBI ended up getting involved and the result was the hackers went on trial (Cook, 2016b). Security Who protects the gamers from DDoS attacks and the other vulnerabilities that were mentioned? The responsibility falls to game developers and publishers. PlayFab is a gaming company that provides services for building MMO and other connect games, and tools for operating them, which means keeping track of what players, are doing and customizing the game around their activities, using targeting techniques (Cawley, 2015). PlayFab conducted a survey, with 70% of respondents stated they were unaware that any game company had a security breach. This is a surprise since online gaming breaches have been happening for years. The survey reveale that security is given a back seat and that the game developers and publishers are not dealing with breaches responsibly or openly. Cawley discusses that in the gaming industry, online security issues need to be dealt with and not placed on the back burner (2015). Boutilier tells in his article that Ubisoft, a gaming studio, uses the customer data primarily for their internal marketing and demographic studies according to St? ©phanie Perotti, a vice president with gaming studio Ubisoft. Ubisoft is not the only company that uses its gamers data to improve its ability to sell games. Other companies do it as well. Ubisoft can collect, at any time, information on its customers gaming habits from: the unique identity of the gaming console that was purchased, a users Internet provider, dates and times spent playing Ubisoft games, game scores, metrics and statistics and how much money is spent in-game (Boutilier, 2015). Perotti states, Ubisoft takes the privacy and security of personal information very seriously. If a company will not protect a users data then the user has ways to keep their information safe. Cawley mentions some safety tips a user can do. They are: 1.) do not use the same passwords in multiple games, websites and services, 2.) stick with well-known platforms, 3.) avoid buying virtual goods and credit outside of the game, 4.) use games that accept two-factor authentication, 5.) avoid ad-supported games on smartphones and tablets and 6.) resist the temptation to buy and download cheats from grind automation to anything claiming you can gain game cash for little effort (Cawley, 2015). Two-factor authentication, called 2FA or two-step verification, is a method that requires two different ways to verify someones identity. A user can use his/hers cellphone in addition to a password to protecting their account. Stegner says that Playstation, Xbox, Steam, GOG, Good Old Games, Origin, and uPlay all have ways to enable two-factor authentication (2017). Nintendo does not offer two-factor authentication so a user should choose a hard password that would take years for someone to figure out (Stegner, 2017). Symantec gives tips on how to keep your gaming account secure. The tips are: 1.) always use a secure password and change it every three months, 2.) educate oneself about phishing scams and what to be on the lookout for, 3.) be wary of online gaming forums, 4.) secure ones home network, 5.) remember that gaming companies will never contact a user asking for their credentials and to go directly to the game companys website if there are any issues and 6.) if the gaming company has had a data breach then go to the account immediately and try to change the password. If a user cannot change the password then he/she must contact the gaming company directly.

Authority versus Truth in Sophocles Antigone and...

â€Å"Authority cannot afford to connive at disobedience† writes Sophocles in Antigone. This is also a central concern to Aristotle who establishes the importance of ‘Authority’ in the opening lines of his treatise Poltics: â€Å"Since we see that every city-state is a sort of community and that every community is established for the sake of some good†¦it is clear that every community aims at some good, and the community which has the most authority of all and includes all the others aims highest, that is, at the good with the most authority. This is what is called the city-state or political community.† [I.1.1252a1–7](added emphasis) He further states that the city-state comes into being for the sake of life but exists for the sake of the good†¦show more content†¦German sociologist Max Weber defines Authority as the legitimate or socially approved use of power that a person or a group holds over another. Legitimacy is vital to his notion of authority and distinguishes it from coercion, force, power or persuasion. This raises the vital question of where this legitimacy comes from. In Traditional type of authority, the legitimacy is drawn from customs long held by the group and which they consider sacred and whole-heartedly subscribe to. Here power passes from one generation to the next and is usually governed by principles of patriarchy and gerontocracy. Rational-legal authority on the other hand is a form of authority with legitimacy that depends on formal rules and established laws of the state, which are usually written down and are often very complex; as found in all modern bureaucratic establishments. The third and most interesting category that Weber defines is Charismatic authority. Charismatic authority is unusual for it is based on the personal charisma of a single individual whom people deem capable of being in authority based on a display of superhuman prowess. This ‘superhuman-ness’ may be actual or imagined,

How far can trade unions benefit managers as well as workers Free Essays

Introduction A trade union refers to an organization with members consisting of workers and union leadership who are united for the promotion and protection of their common interests. Workers come together in a union so as to pursue such goals as the protection of the integrity of their trade, clamour for higher pay and employment, and better working conditions (Reynolds, 2008). A trade union could refer to: a general union representing workers in a given industry; a craft union representing skilled workers in a specialized field; or a company or house union representing the interests of a single company often without connection with other unions (E. We will write a custom essay sample on How far can trade unions benefit managers as well as workers? or any similar topic only for you Order Now C, 2010). A thriving and well-run business is a fundamental motive for any company, benefitting both the employer (in this regard, the manager) and the employees. It is often argued that the unionization of workers is disadvantageous to employers while enhancing benefits for employees. Tensions and misunderstandings in adversarial relationships often hinder productivity and lead to lost sales, lower output, and mounting costs. If unchecked, they can lead to the detriment of business and eventual loss of employment for the workers as well (Hall-Jones, 2010). This paper explores the advantages and disadvantages that trade unions bear to employers and their employees seeking to show that there is significant benefit in unionization. Benefits to employees are first outlined below and thereafter contrasted with employer benefit and/or disadvantage so as to establish the extent of benefit to both parties. Advantages to employees The primary mandate of unions is to enhance the benefits and recognition of employees in the workplace, protecting them from exploitation. It gives them a platform and a collective voice with which to negotiate with employers on myriad issues including wages, rules of work, complaint procedures, hiring rules, promotion and firing, work-related benefits, as well as safety and other policies governing the workplace. Trade unions also guarantee workers protection from work-related challenges such as lack of promotion, demotion, termination, among others, enhancing their capacity to contest such measures (Phil, 2007). Additionally, unions often organize training and development inclusive of access to government funds and support through union learning reps (Fulton, 2013). This enables workers to realize higher than average wages and gains from work, as well as safeguards to their overall health and safety in the workplace. Advantages to employers  ·This section gauges the benefit of trade unions to employers juxtaposed with employee benefits and/or disadvantage. Employer/manager benefits include: Simpler negotiations With union representatives speaking on behalf of the entire workforce, dealing with unions simplifies negotiation processes eliminating the need to negotiate with multiple employees. This enhances the speed and efficiency of the negotiations. Trade unions can also help in the negotiation of productivity deals enabling increased output and consequently enables the business to afford higher wages mutually benefitting both the employer and the employed (Eironline, 2007). The demonstration of good employment practices can be a significant source of competitive advantage influencing the attitudes of stakeholders and the wider community, and consequently the company’s brand and reputation (Hall-Jones, 2010). However, it is often the case that contests over worker wages/earnings and the employer’s perspective of mounting labour costs are difficult to resolve with each party focused on their particular view. Legally, union members in disagreement with employers are allowed to strike without suffering disciplinary action. This factor often complicates negotiations (E.C., 2010). Strikes and industrial actions cost the company or business money directly from lost production, as well as creating other problems such as withering employee morale and willingness to work and bad publicity. These attendant problems could affect output and/or sales with possible customer boycotts, as well as hindered business relations with vendors or commercial customers in their anticipation of a drop in productivity and inability to deliver on commitments (Hall-Jones, 2010). In this regard, trade unions in their quest for enhanced welfare often engender complications in relations surrounding the entire business, even to the extent of hindering business. However, it is noteworthy that unions are endowed with a wealth of experience regarding employment law which can help in early identification and resolution of problems. Their involvement in such scenarios often stops cases from proceeding to expensive and time-consuming processes such as the employment tribunals (Eironline, 2007).  · Employee satisfaction Unions give employees a voice with which to speak to the employer and bargaining power afforded by the strength and capacity in their numbers. Through this, unions enhance the satisfaction of employees enabling them to increase their average wages as well as benefit packages. This satisfaction which obtains from needs that are met enhances job satisfaction and consequently employee willingness to work harder leading to higher productivity and quality of output (Fulton, 2013). However, the satisfaction of employees deriving from better pay and work conditions often comes at a cost to the employer with consequent upsurges in labour costs being the main disadvantage of unionization of employees. Deductions of dues paid to unions from workers’ pay in addition to increasing costs, also increases the workload of the accounting department (Hall-Jones, 2010).  · Reduction in turnover A workforce comprising of union members is often characterized by reduced turnover with less frequency of employees leaving their jobs. Dues paid for union membership and position in the organization are considered to contribute to this trend often acting as hindrances to employee exit (Eironline, 2007). For the employer (manager) or organization, lower levels of turnover saves the business money in the long term with less expenditure spent in frequent training and induction of new employees (Hall-Jones, 2010). It is however noteworthy that with regard to employers’ actions such as termination, demotion or lack of promotion, and alleged harassment or discrimination, individual employees often lack financial resources and will to pursue complicated contests. With the support of unions, workers are often encouraged and represented in their appeal of such actions or in the filing of suits challenging them (Reynolds, 2008; Fulton, 2013). The effect of this is two-pronged, benefitting and protecting affected employees while adversely affecting employers, complicating business.  · Ease in change processes To stay at the forefront and to enhance competitiveness in the industry, businesses often have to undergo change. Achieving this with multiple employees, each with varied perceptions and opinions is often a significant challenge (Eironline, 2007). However, since employees are more likely to be receptive to unions, partnering with trade unions may improve the chances of success in the change process as well as its effectiveness. Trade unions can be a significant partner in reinforcing the credibility of the messages from the employer as well as reassuring employees and mitigating their anxieties (Eironline, 2007; E.C., 2010). Unionization and its influence can have adverse effects on the control of human resource challenging the instilling of discipline and checking of poor performance. The promotion and termination of workers based on objective parameters such as merit, productivity, among others is hindered with the influence of unions with most of the unions basing their negotiations on workplace rules on seniority rather than merit. The reaction of union and their rules, in this regard, limit the options available to employers and managers (Hall-Jones, 2010). Conclusion On the one hand, union membership enhances the capacity of employees to challenge employer actions, challenges the control of the human resource component in business, and often engenders increases in costs, workload and adverse economic effects attendant to labour unrest. On the other hand, however, trade unions bear significant benefits to both employers and employees. To employers, trade unions enable simpler and effective negotiation processes, early identification and resolution of labour-related problems, reduction in turnover, and as well enhance employee satisfaction. It is also a resourceful partner in the change process. To employees, trade unions provide essential protection from exploitation, a voice in the enhancement of their work life, as well as facilitating training and personal development. From the foregoing argument, it is gathered that trade unions, in spite of its disadvantages, is far more beneficial and could enhance employer-employee relations as well as the outcome of business References Eironline, 2007. TUC promotes business benefits of unions to employers. European Industrial Relations Observatory on-line. Viewed on 9/12/2013 from: http://www.eurofound.europa.eu/eiro/index.htm European Commission, 2010. Industrial Relations in Europe. Directorate General for Employment, Social Affairs Inclusion. EC. Fulton, L., 2013. Worker representation in Europe. Labour Research Department and ETUI. Brussels: ETUI Hall-Jones, P., 2010. Unionism and Economic Performance. Internet article statistics. Viewed on 8/12/2013 from: http://www.newunionism.net/library/ Phil. D., 2007. State of the Unions: How Labour Can Strengthen the Middle Class, Improve Our Economy, and Regain Political Influence. McGraw-Hill Professional. ISBN 978-0-07-148844-0 Reynolds, O., 2008. â€Å"Labour Unions.† In: David R. Henderson (Ed.). Concise Encyclopaedia of Economics (2nd Ed.). Indianapolis: Library of Economics and Liberty. ISBN 978-0865976658. Menezes-filho, Naercio and John van Reenen (2003), â€Å"Unions and Innovation: A Survey of the Theory and Empirical Evidence†, CEPR Discussion Paper 3792. Metcalf, David. (2003), â€Å"Unions and Productivity, Financial Performance and Investment: International Evidence†, in John Addison and Claus Schnabel, eds. International Handbook of Trade Unions, Northampton, Mass.: Edward Elgar, How to cite How far can trade unions benefit managers as well as workers?, Essay examples

Operations of Natural Monopolies Samples †MyAssignmenthelp.com

Question: Discuss about the Operations of Natural Monopolies. Answer: Economics Individual Assignment Essentially, natural monopolies exist due to the existence of high entry barriers for other firms into the industry thus creating a single producer of goods and services with no close substitutes. Regarding regulation of natural monopolies there is need to properly understand market structure of natural monopolies, analyze merits and demerits of this market structure and its relevant theories. Also, it is important to illustrate the methods used by government to regulate the operations of natural monopolies. Moreover, it is vital to understand how the government enforces its regulation to achieve the desired regulatory goal. Equally, it is important to understand why the government considers it necessary to regulate the operation of natural monopolies. Ways to Regulate Price Setting of a Natural Monopoly Undoubtedly, government regulation of the optimum prices for natural monopolies is vital for consumer protection and welfare. Noteworthy, most governments have incorporated taxation as a way to regulate the price of goods and services offered by natural monopolies in the sense higher taxation is placed on higher prices of goods and services(Boundless,2017) Additionally,price ceiling has been implemented by most governments to contain the prices of monopolies in that the government sets a price limit for a given good or service thus curtailing the freedom of natural monopolies from charging excessive prices(Welker,2013). The government creates a maximum price that sellers can charge for their goods and services. Consequently, this leads to the regulation of the price charged by natural monopolies. Further average cost pricing which reduces the flexibility of firms to set their own prices is considered effective in regulating pricing in monopolies. For some natural monopolies, the price of goods and services are typically low due to the fact that average total production cost continues to decline over a period of time(Pettinger,2012)Further, low cost are boosted by the fact that there is a fixed cost hence a natural monopoly can operate without competition thereby maintain considerably lower prices thus no need for government price control measures (Open Text, 2017)However, there will be need for government to maintain anticompetitive measures for other firms to deter competition for natural monopolies who might otherwise raise their prices in the event of competition. Also, government ownership of natural monopolies keeps prices in check in the sense that the goal of operation will be public interest and consumer protection rather than profit maximization which might trigger exploitative prices(Spaulding,2017).The government can naturally monopolies necessary services such as water and electricity supply so as to be able to avail the services to most citizens, the rich and the poor due to affordability capabilities .Also, price floor have been implemented by various governments to ensure natural monopolies make a substantial profit and at the same instance protect the consumers through setting of minimum price for commodities and services. Price floors are meant to help business make profits despite minimum prices. Additionally, price caps have been used to control the price of goods and services for consumer welfare (Tejvan, 2017) Usually price caps are determined by regulatory bodies. Through price capping,monopolies are forced to adopt prices way below the set price over a given period of time (Open Text, 2017).Usually, price capping encourages significant price drops of goods and services over a given time frame. For instance, most economies have water and electricity regulatory bodies under the government which decides the maximum price. Predominantly, regulatory bodies are meant to control the price of commodities. Also, yardstick or the rate of return approach is used to regulate prices in that the size of the monopoly is considered with the optimal profit from the capital such that in the case of excessive profits ,price cuts are implemented(Tejvan,2016)Usually, yarding allows monopolies to cover their cost of operation while having substantial returns . Predominantly, legislation has been used to regulate various business activities and pricing for goods and services is no exception. Most economies have enacted price regulations Acts and guidelines to guide monopolies and other firms in other market structures such as duopolies, on the minimum and maximum price for goods and services. For instance, the Independent Republic of Papua Guinea,has enacted the Prices Regulation Act (Chapter 320) of its National laws(Independent Commission for Consumer and competition and Commission 2017)Most government have statutes regulating the prices of goods and services ,most specifically ,there are acts of parliament on utilities. Usually utilities include services such as water and electricity. Largely, the non-existence of natural monopolies through encouragement of competition from other industry players by government through relatively low barriers will reduce monopoly power over price control thus regulating price of goods and services.In the event that theres perfect competitive market according to the concept of perfect competitive markets, then theres consumer sovereignty as opposed to monopoly power under natural monopolies .Natural monopolies are price setters as opposed to price takers in perfectly competitive markets. Ideally, perfect competitive markets are the best market structure. In the event that natural monopolies are eliminated or unable to exist, then it follows naturally that theres no need for regulation by government .Theres need for government to establish competitive business environment to balance out market structures. Alternatively, price control for monopolies can be regulated through marginal cost pricing which requires that all natural monopolies to produce goods and services where the quantity of goods supplied touches the demand curve thus setting the price for the commodities and services produced by the natural monopoly (Open text,2017) Through marginal costing, consumers are assured of surplus at considerably lower prices.Further, theresallocate efficiency for firms adopting marginal cost system of pricing attributed to the marginal cost of goods incurred in production of the quantity supplied.Additionally, cost plus regulation whereby government set price levels over a given period of time through addition of normal profit rates to accounting costs of the firm has been adopted. Lastly, the implementation of a government based deficiency scheme of payment will for a long way in reducing the price of goods and services offered in the market and the same goes for natural monopolies (ILRI, 2017)Through the deficiency scheme of payment, producers of a good or services are given compensated profits on condition that they charge low prices for consumer welfare. Moreover, theres a consumer subsidy which is aimed at boosting consumption at considerably lower prices with no impact on natural monopolies(ILRI,2017)A consumer subsidy reduces the prices for goods and services thus making them affordable for the consumers. The subsidy is offered by the government to its citizen for domestic consumption and benefits. Reasons for Regulation Essentially, governments may regulate the price of goods and services to protect consumers from exploitative prices in that without regulation, natural monopolies will set higher prices to maximize profits which ends up hurting the consumers(Tejvan ,2016) .Further, regulation of natural monopolies is done to avoid or reduce allocativeinefficiencies for natural monopolies(Stanbury,2015).Perfect competitive firms are likely to experience allocative efficiency as compared to natural monopolies(Tejvan, 2016)Economically and theoretically, perfect competitive markets are ideal for consumer welfare and are considered economically and allocatively efficient as contrasted with natural monopolies. Further, Monopolies are regulated to prevent abuse of power(Pera, n.d).Typically, monopolies are price setters thereby making consumers price takers. Typically, profit maximization being the main goal of operating an enterprise, natural monopolies are likely to charge the highest price for goods and services in the absence of government regulation(Bigger, 2008) In addition, monopolies are regulated for quality assurance reasons. Due to the existence of a monopoly, the firm might not fulfill the minimum quality standards hence the need for government to intervene and ensure that the quality of goods and services to be observed.Also, throughregulation, deadweight loss is eliminated according to the deadweight loss hypothesis thus the ad vocation of marginal costing to regulate monopolies (Bigger, 2008) In addition, regulation of natural monopolies is vital in creating competition and providing an equal footing for other firms in the industry(Brink of Economic thoughts,2017).Lack of competition,leaves consumers at the mercy of the natural monopoly and other firms who would otherwise venture into that industry are prevented to by high entry barriers and other advantages enjoyed by natural monopolies(Amir,2015) .Further,natural monopolies undermine consumer choice and sovereignty due to the lack of variety or substitute goods or services and price setting power respectively(Economics Online,2017)More so,the ability of monopolies to regulate their output may be abused through limited supply thus denying consumer surplus in order to hike prices for profit maximization at the expense of the consumer . Economic efficiency is also another motivator for government regulation in the sense that unregulated monopolies are likely to have prices way above the marginal cost and high production costs which is considered economically inefficient(Boundless,2017)Further, market failure motivate the need for regulation. Also, natural monopolies may depict high production costs just to deter entry of prospective firms into the industry in an attempt to maintain monopoly power over its market share. Perfectly competitive market structures are considered economically and allocatively efficient hence making them the ideal market structure whereas natural monopolies are considered inefficiently economic and allocatively thus the need for government intervention to promote efficiency. Typically, quality assurance is vital for consumer welfare hence the need for government intervention in the operation of natural monopolies to ensure consumer get the best quality goods and services.Usually,without any form of regulation or monitoring,producers might get sloppy and greedy thereby producing substandard goods which are harmful for consumption(Knownai,2011)By and large,regulation of monopolies exists to protect smaller firms likely to enter the market dominated by monopolies(C.s. Stanford,N.d)in the case of regulation through windfall taxation systems, governments aim to encourage reinvest of profits incurred by natural policies as opposed to payment of dividends to its shareholders .In a way ,regulation helps distribution of income between producers and consumer. Through regulation of monopolies, restrictive trade practices and barriers are eliminated.Essentially, the existence of a monopoly is characterized by high operating cost, high entry barriers into the industry, large economies of scale among other factors thus the need for government regulation to allow entry of other smaller and upcoming firms (Investopedia, 2017) Natural monopolies deny other investors from entering its share of the market due to the various advantages it has over smaller firms. Smaller firms are unable to easily enter a naturally monopolized market as opposed to perfectly competitive markets.Ideally,consumer interests such as choice, variety and sovereignty are realistic in a perfectly competitive market as opposed to a naturally monopolized market thus the need for regulation. Conclusion Undeniably, there are concepts, theories and principles advocating for and against government intervention in the affairs of natural monopolies. Seldom do natural monopolies exist but they do. Majorly, Regulation is all about consumer surplus, satisfaction, choice, sovereignty and welfare as opposed to profit maximization .Regulatory measures are enforced by government based agencies and bodies, mainly through legislation. The most common ways of price control of monopoly power is through price ceiling, price capping, taxation, average cost pricing and marginal cost pricing.Most of these regulatory prices are considered not mutually beneficial for consumers and producers. Arguably, regulation seeks to protect the interests of consumers rather than natural monopolies or producers. All in all, government intervention through regulation is faulted for the unforeseeable consequence of optimum price and output which is more theoretical than practical. Further, government regulatory bodys employees are considered a tax burden on ordinary citizens. Besides, natural monopolies rarely exist and if they do, they last for a short period of time thus making regulation not a full proof solution for market failure and inefficiencies. Nonetheless, the heart of regulation is in the right place as it seeks to protect the consumer, who is considered weak as compared to producers.Through regulation, most government strive to achieve consumer protection and welfare while creating a friendly and competitive business environment as opposed to profit maximization which is considered ideal for most economies as compared. References Amir.(2015)Advantages and Disadvantage of Monopoly.Economics Guide.Retrieved from https://www.economicsguide.me/?page_id=1044 Bigger, D. (2008) The Rationale for monopoly legislation: Why do we regulate monopolies? Australian Competition and Consumer Commission. Retrieved from https://www.accc.gov.au/system/files/The%20Rationale%20Reg%20Connf%29.pdfs Boundless.(2017)Regulation of Monopoly.Boundless. 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