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Government Regulations of Competition and Prices and Administrative Agencies
|Who has the power to regulate businesses?
|The federal government
|What was created to prevent competitors from creating barriers, collude, or control prices?
|What 4 acts were created to prevent unfair competition?
|Sherman Act, Clayton Act, Robinson-Patman Act, and the Federal Trade Commission Act
|Which act is considered the mos important Antitrust Law?
|Sherman Antitrust Act
|What is the purpose of Per se rule?
|To make certain practices conclusively unreasonable and therefore, illegal.
|Which act prevented companies from acquiring stock from another company also known as anti-monopoly?
|Which act was created to protect smaller businesses by limiting larger companies ability to command discounts through its purchasing power?
|Which act was enacted in 1936 and focused on discrimination in prices for products of like grade and quality?
|This act prohibits unfair methods of competition and deceptive practices
|Federal Trade Commission Act
|What are vertical restraints?
|Restraints through the supply chain
|Agreements between competitors on exchange costs and credit terms is called?
|A single company or group that owns all or nearly all of the market for a given type of product/service is called?
|A monopoly is prohibited under which act?
|Sherman Antitrust Act
|Which act prohibits mergers among competitors that could create a monopoly?
|What governmental body is charged with administering and implementing legislation?
|An Administrative Agency
|An agency can begin rule making once it is formed?
|False, it must be given jurisdiction by Congressional Enabling Act
|Which agency is responsible for protecting investors?
|Securities and Exchange Commission (SEC)
|In order to reduce the risk of injuries and deaths from consumer products this government agency was developed.
|The Consumer Product Safety Commission
|What agency is responsible for new product reviews, product standards and regulations, research, as well as the enforcement of correcting problems found in items?
|Food and Drug Administration
|Food and Drug Administration Act covers human food and medication only.
|False, they also cover animal drugs, cosmetics, medical products and devices