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Exam 16: Antitrust

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Question 1

True/False

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In order to avoid an unworkable construction of the Sherman Act,the courts have construed Section 1 to prohibit only those restraints of trade that unreasonably restrict competition.

A) True
B) False

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Question 2

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One of the major differences between U.S.and European Union competition laws is the European Union's treatment of horizontal agreements.

A) True
B) False

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Question 3

Multiple Choice

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What was the first U.S.antitrust law?

For a monopoly to be found illegal,which of the following is relevant after market power is established?

The Supreme Court considers market divisions between competing firms to be so inherently anti-competitive as to constitute per se violations of the Sherman Act.

The Robinson-Patman Act prohibits a manufacturer from making any price discrimination among its customers.

Which of the following is true regarding private suits to enforce the Sherman Act?

Which of the following is true regarding enforcement under the antitrust laws?

What three factors does a court primarily look to in determining if a horizontal merger is permissible once the market is defined? Discuss fully.

Fact Pattern 16-2 Number One Oil Company sells gas to various gas stations. Number One requires that the gas stations agree that they will not sell gas above a certain maximum price set by Number One. Some of the gas stations are unhappy with the arrangement because they wish to sell gas at any price they choose. Unfortunately for them, other oil companies in the region also impose maximum price restrictions. The station owners begin investigating whether any antitrust violation could be involved. -Refer to fact pattern 16-2. Which of the following best describes the situation by which Number One Oil Company and other companies impose maximum price restrictions?

Horizontal agreements among competitors to avoid competition on nonprice matters cannot be a violation of Section 1 of the Sherman Act.

Which of the following is not a factor used in determining the anticompetitive effects of a horizontal merger under the Clayton Act?

How would a plaintiff establish the existence of a tying arrangement,and under what laws may tying arrangements be challenged?

Fact Pattern 16-2 Number One Oil Company sells gas to various gas stations. Number One requires that the gas stations agree that they will not sell gas above a certain maximum price set by Number One. Some of the gas stations are unhappy with the arrangement because they wish to sell gas at any price they choose. Unfortunately for them, other oil companies in the region also impose maximum price restrictions. The station owners begin investigating whether any antitrust violation could be involved. -Refer to fact pattern 16-2. Which of the following is true regarding whether the imposition of maximum prices under the facts presented would be an antitrust violation?

Which of the following is a component of a market?

An equilibrium in which scarce societal resources are allocated to the production of various goods and services up to the point where the cost of the resources equals the benefit society reaps form their use is _________.

Molly runs the best dog grooming shop in town. All the dogs love her,as do the owners. She is particularly popular because of a special type of dog biscuit she gives for treats that provides such energy that owners have been known to try them too. Slowly but surely all the other dog grooming shops start to go out of business. Molly claims surprise when one day she is charged with unlawfully monopolizing the dog grooming business. Which of the following would be her best defense?

Patented or copyrighted products may confer market power on the owner in tying cases when there are high switching costs.

In a ________ action under the Sherman Act,state attorneys general may bring civil actions for injuries sustained by residents of their respective states.

Courts apply the per se rule when reviewing most tying arrangements and will,therefore,consider business justifications proffered by the tying firm.