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A type of anticompetitive agreementsuch as a horizontal price-fixing agreementthat is considered to be so injurious to the public that there is no need to determine whether it actually injures market competition; rather, it is in itself ____ of the Sherman Act.
per se violation
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The body of federal and state laws and statutes protecting trade and commerce from unlawful restraints, price discrimination, price fixing, and monopolies. The principal federal ____ statues are the Sherman Act of 1890, the Clayton Act of 1914, and the Federal Trade Commission Act of 1914
Antitrust Law
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Any actions by a firm to eliminate competition and gain monopoly power.
Attempted Monopolization
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The act of selling one or more of a company's parts, such as a subsidiary or plant; often mandated by the courts in merger or monopolization cases.
Divestiture
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An agreement under which a seller forbids a buyer to purchase product from the seller's competitors.
Exclusive-Dealing Contract
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The refusal to deal with a particular person or firm by a group of competitors; prohibited by the Sherman Act.
Group Boycott
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A merger between two firms that are competing in the same market.
Horizontal Merger
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Any agreement that in some way restrains competition between rival firms competing in the same market.
Horizontal Restraint
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A situation that exists when a small number of firms share the market for a particular good or service.
- Market Concentration
- For example, if the four largest grocery stores in Chicago accounted for 80 percent of all retail food sales, the market clearly would be concentrated in those four firms.
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The power of a firm to control the market price of its product. A monopoly has the greatest degree of _____.
Market Power
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The possession of monopoly power in the relevant market and the willful acquisition or maintenance of that power, as distinguished from growth or development as a consequence of a superior product, business acumen, or historic accident.
Monopolization
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A term generally used to describe a market in which there is a single seller or a limited number of sellers.
Monopoly
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The ability of a monopoly to dictate what takes place in a given market
Monopoly Power
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The pricing of a product below cost with the intent to drive competitors out of the market.
Predatory Pricing
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Setting prices in such a way that the two competing buyers pay two different prices for an identical product or service.
Price Discrimination
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an agreement between competitors in which the competitors agree to fix the prices of products or services at a certain level; prohibited by the Sherman Act
Price-Fixing Agreement
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An agreement between a manufacturer and a retailer in which the manufacturer specifies the minimum retail price of its products. ____ are illegal per se under the Sherman Act.
Resale Price Maintenance Agreement
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Any contract or combination that tends to eliminate or reduce competition, effect a monopoly, artificially maintain prices, or otherwise hamper the course of trade and commerce as it would be carried on if left to the control of natural economic forces.
Restraint on Trade
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A test by which a court balances the positive effects (such as economic efficiency) of an agreement against its potentially anticompetitive effects. In antitrust litigation, many practices are analyzed under the ____.
Rule of Reason
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An agreement between a buyer and a seller in which the buyer of a specific product or service becomes obligated to purchase additional products or services from the seller.
Tying Arrangement
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the acquisition by a company at one stage of production of a company at a higher or lower stage of production (such as its supplier or retailer).
Vertical Merger
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Any restraint on trade created by agreements between firms at different levels in the manufacturing and distribution process.
Vertical Restraint
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A firm that carries out two or more functional phases such as manufacture, distribution, retailing of a product.
Vertically Integrated Firm
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