TAMU MGMT 209- Ch. 7 || with Error-free Solutions.
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TAMU MGMT 209- Ch. 7
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TAMU MGMT 209- Ch. 7
values of capitalism correct answers 1. efficiency
2. opportunity
3. individual liberty
anticompetitive correct answers deliberate actions by firms to harm their competitors rather than improving their own products or services
antitrust law correct answers designed to prevent anti competit...
TAMU MGMT 209- Ch. 7 || with Error-free Solutions.
values of capitalism correct answers 1. efficiency
2. opportunity
3. individual liberty
anticompetitive correct answers deliberate actions by firms to harm their competitors rather than
improving their own products or services
antitrust law correct answers designed to prevent anti competition
beginning of antitrust law correct answers john d. rockefeller begins owning the majority of
shares in the oil industry
breaking up of standard oil correct answers standard oil of new jersey and standard oil of
california are results of what
standard oil of new jersey correct answers in modern day terms is exxon-mobil
standard oil of california correct answers in modern terms is chevron
Sherman Antitrust Act of 1890 correct answers this act essentially outlaws trusts in the United
States and empowers the federal gov. to break up EXISTING trusts; made to be a "black and
white law"
problems with Sherman Antitrust Act correct answers 1. didn't protect consumers from
anticompetitive prices
2. judicial interpretation could be different
U.S. v. Standard Oil of New Jersey correct answers this court case established the rule of reason
which essentially allows for an excuse to be made for trust formation
Sherman Antitrust Law Section 1 correct answers 1. restraints trade
2. creates criminal penalties
3. criminal felony to engage in any contract to unreasonably refrain trade
4. requires a contract and at least 2 parties
restraining trade correct answers any agreement between 2 or more parties that substantially
reduces competition
Sherman Antitrust Act Section 2 correct answers 1. attacks monopolies
2. if can prove monopolized shall be deemed guilty of felony
3. only outlaws attempt to monopolize
Craft v. McConaugh correct answers this case deals with grain merchants who fixed prices,
signed contract and gov. said it was illegal to do so
, proving violation of sherman antitrust law correct answers 1. firm must be shown to have
acquired monopolistic power AND
2. have engaged in willful attempts to acquire or maintain monopolistic power
Clayton Antitrust Law of 1914 correct answers 1. was supplement to Sherman Antitrust
2. specific and preventative
3. only have to prove significant probability of reducing competition
-makes it easier to win the case if your the government because lower burden of proof is required
areas covered under the Clayton Antitrust Law correct answers - price discrimination
- mergers
- prevents interlocking directorates
- exclusionary practices
- tying arrangements
interlocking directorates correct answers having the same board of directors for multiple
companies in the same industry is known as
Federal Trade Commission Act of 1914 correct answers known as the "catch-all law"
1. creates Federal Trade Commission (FTC)
2. prohibits unfair practices of competition
3. prohibits deceptive acts or practices
4. can regulate the anticompetitive acts not covered by sherman or clayton
antitrust enforcement agencies correct answers 1. Department of Justice (DOJ)
2. Federal Trade Commission (FTC)
antitrust remedies correct answers - injunctions
- monetary (substantial civil penalties)
- issue cease and desist order
- prevent mergers
- order to divest subsidiary
basic rules of antitrust correct answers 1. Per Se
2. Rule of Reason
Per Se correct answers under this rule if, you violate the law you have committed an illegal act
and there is no defenses or justification that can get you out of the punishment
Rule of Reason correct answers under this rule, you can have some antitrust violations as long as
they are reasonable and have good excuse for violation
horizontal restraint of trade correct answers when business's in the same industry come together
to restrain trade
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