Final answer:
The primary purpose of policing unfair, deceptive, or abusive acts or practices is to prevent actions that give firms an illegal advantage, harm consumers, or damage fair competition in the marketplace. The Federal Trade Commission and related antitrust laws aim to maintain the integrity of the market and protect consumer welfare.
Step-by-step explanation:
The primary purpose of unfair, deceptive, or abusive acts or practices is to gain an economic advantage in the marketplace by engaging in conduct that is illicit and harmful to consumers and competition. Firms might choose to engage in anticompetitive practices, such as unfair competition, price fixing, and other deceptive activities, because these actions can lead to increased market share, higher prices, and greater profits in the short term. However, these practices are prohibited by antitrust laws such as those administered by the Federal Trade Commission (FTC), which, in conjunction with the Clayton Act, work to prevent anticompetitive practices that are detrimental to consumers and the economy at large. To further prevent such unethical and illegal practices, the FTC partners with the Federal Communications Commission to protect consumers from internet scams and deceptive trade practices. The mission of the FTC, founded on September 26, 1914, is to enhance market integrity by proscribing activities that undermine fair competition and consumer welfare.
Additionally, the U.S. antitrust laws are designed to protect the financial stability of the United States by ensuring accountability and transparency within the financial system, ending practices considered 'too big to fail,' and safeguarding American taxpayers and consumers from abusive financial services practices.