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Exam 19: Antitrust and Regulation of Competition

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Question 1

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Horizontal restraints are agreements between:

A) business and government
B) noncompetitors
C) competitors
D) consumers and government

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Question 2

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The Robinson-Patman Act make it illegal for a business entity to discriminate in price "between different purchasers of commodities of like quality or grade." In order to violate this act,the business must:

A) make sales at different prices to at least three different purchasers.
B) make one sale of a different price to a purchaser.
C) make two or more sales to different purchasers at different prices.
D) give different price quotes to different purchasers

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Question 3

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Which of the following is not a vertical restraint?

Joe and Arthur each own a chain of restaurants.In order to ensure successful restaurants,Joe and Arthur enter into an agreement that Joe will open his new locations in Kansas City but not St.Louis and Arthur vice versa.This is an example of:

The Clayton Act was enacted to limit the provisions of the Sherman Act.

The U.S.Major League Soccer League wants to have more similarity in its licensed goods so the league decides to contract with a single company to produce all of the licensed goods for every team.Will MLS be able to do so?

Which act was designed to prevent monopolies from being created through mergers?

What constitutes a meeting of the minds for antitrust laws? Why is it important?

The CEO of a major computer technology firm wants to form an organization for computer firms in order to share data,information,and ideas.Depending on what was shared at the meetings the organization may violate antitrust laws.What standard should be used to analyze the organization?

Gas station owners agreeing on the price per gallon is not a violation of the Sherman Act.

Rockefeller's Standard Oil Trust is an example of a company that participated in antitrust behavior.

Discuss the difference between horizontal and vertical price fixing.

The Sherman Act only applies to entities who have acted in an unreasonable manner.

Which of these agencies enforce federal antitrust laws?

Antitrust legislation was enacted in response to the robber barons of the late 18^th century.

Modern antitrust law's focus is on:

The University of Dover and Dover University are bitter cross town rivals.They compete in everything from sports to academics.The schools,because of shrinking enrollment,make an agreement to give all incoming students free tuition for one semester before raising the existing rates the following semester.This action would be considered:

The standards courts use to determine violations of the Sherman Act are the rule of reason standard and the ________ standard.

The courts have adopted a soft per se analysis for cases involving tying agreements.

All monopolies are illegal.