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Chapter 5 & 6
Government Regulation of Competition and Prices and Administrative Agencies
| Question | Answer |
|---|---|
| Who can regulate competition and prices? | Federal and State government |
| Which act states that every contract, combination or conspiracy between two or more companies which exerts an unreasonable restraint on trade or commerce? | Sherman Antitrust Act |
| T/F - The Robinson-Patman Act prohibits the monopolization, any attempted monopolization, or any agreement or conspiracy to monopolize any market for a particular product of service. | False |
| Which act addresses the specific practices where the effect may be to substantially lessen competition or tend to create a monopoly? | Clayton Act |
| T/F - The Sherman Antitrust Act covers tying arrangements, exclusive dealing arrangements, mergers and acquisitions, and interlocking boards of directors. | False |
| T/F - The Robinson-Patman Act's purpose is to protect smaller businesses by limiting the large company's ability to command discriminatory discounts through its purchasing power. | True |
| What is covered under Section 5 of the Federal Trade Commission Act? | Prohibits "unfair methods of competition" and "deceptive practices." |
| Which method imposes restraints among competitors to make sure that gaining customers is because of better service/price and not because of price manipulation or market manipulation? | Horizontal restraints |
| What act regulates horizontal price fixing by prohibiting an agreement to charge an agreed upon price or to set a max/min price between or among competitors? | Sherman Act |
| What is a monopoly? | A situation in which a single company or group owns all or nearly all of the market for a given type of product/service |
| What is price discrimination? | The charging practice by a seller of different prices to different buyers for commodities of similar grade and quality. |
| What two acts prohibit price discrimination? | Clayton Act and Robinson-Patman Act |
| What is a governmental body charged with administering and implementing legislation? | Administrative Agency |
| What does an Administrative Agency have the power to do? | Make laws affecting business, such as workers compensation claims, real estate licensing, and unemployment compensation. |
| What act states that before an agency can begin rulemaking proceedings, it must be given jurisdiction by congressional enactment in the form of a statute? | Congressional Enabling Act |
| What act states that the federal law requiring agencies to make public disclosure of proposed rules, passed rules, and activities? | The Federal Register Act |
| T/F: Administrative Agencies are limited and subject to the constitutional protections afforded by individuals and businesses? | True |
| When will an Administrative Agency act as a judicial arbiter to conduct hearings on violations? | If it finds a potential violation of the law. |
Created by:
jmullins20
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