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Government Regs

Government Regulations of Competition and Prices and Administrative Agencies

QuestionAnswer
Who has the power to regulate businesses? The federal government
What was created to prevent competitors from creating barriers, collude, or control prices? Antitrust laws
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? Clayton Act
Which act was created to protect smaller businesses by limiting larger companies ability to command discounts through its purchasing power? Robinson-Patman Act
Which act was enacted in 1936 and focused on discrimination in prices for products of like grade and quality? Robinson-Patman Act
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? Price fixing
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
A monopoly is prohibited under which act? Sherman Antitrust Act
Which act prohibits mergers among competitors that could create a monopoly? Clayton Act
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
Created by: Chanti