antitrust laws definition quizlet
directly outlawed anti-competitive practices that led monopolization. addresses activities that lead to trust and monopolies prevents them. Gap filler law; supplemented Sherman. this is specific and preventative where Sherman was broad and punitive after the fact. under this act you only need prove that a firm is significantly reducing competition. deals with probably harm to competition not criminal provisions. The Federal Government. Both the FTC and the U.S. Department of Justice (DOJ) Antitrust Division enforce the federal antitrust laws. In some respects their authorities overlap, but in practice the two agencies complement each other. Over the years, the agencies have developed expertise in particular industries or markets. business arrangement in which owners of stocks in several companies place their securities with trustees, who jointly manage the companies and pay out a specific share of their earnings to the securities holders. antitrust. GOALS. Sherman Antitrust Act. Sen. John Sherman (R–OH), the principal author of the Sherman Antitrust Act. The Sherman Antitrust Act (Sherman Act, 26 Stat. 209, 15 U.S.C. §§ 1–7) is a landmark federal statute in the history of United States antitrust law (or competition law) passed by Congress in 1890. Antitrust laws are statutes developed to protect consumers from rapacious business practices by making it illegal for businesses to compete in unfair ways. Antitrust law is a set of statutes developed to regulate competition between companies, mainly to ensure that businesses are engaging in fair competition. The purpose of these laws is to protect consumers from greedy business owners. Video: Antitrust Law: Definition, Types & Outline. Antitrust laws are statutes developed to protect consumers from rapacious business practices by making it illegal for businesses to compete in unfair ways. Business 103: Introductory Business Law / Business Courses. What is an antitrust law? Antitrust laws - also referred to as competition laws - are statutes developed by the U.S. Government to protect consumers from predatory business practices by ensuring that fair competition exists in an open-market economy. Antitrust laws are applied to a wide range of questionable business activities, including but not limited to: Guide to Antitrust Laws. Free and open markets are the foundation of a vibrant economy. Aggressive competition among sellers in an open marketplace gives consumers — both individuals and businesses — the benefits of lower prices, higher quality products and services, more choices, and greater innovation. The FTC's competition mission is to enforce the rules of the competitive marketplace — the antitrust laws. These laws promote vigorous competition and protect consumers from anticompetitive mergers and business practices. A section 1 Per se horizontal violation. This bans competitors from boycotting a single person or organization. A section 1 Per se horizontal violation. This bans firms from selecting and choosing where they want to compete and where the competition can or cannot compete. (e.g. Coke cannot monopolize in New Orleans in an agreement with Pepsi that Pepsi may monopolize elsewhere.) Newspapers may receive an exemption from antitrust laws. Related Articles. In the United States, antitrust laws exist to prevent large businesses from becoming too powerful. Because companies that have a monopoly on a market have the power to change the market price for a certain good, they can block new, smaller businesses from entering the market.
Antitrust laws are statutes developed by the U.S. Government to protect consumers from predatory business practices by ensuring that fair competition exists in an open-market economy.