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Business Law 5-6

Module 3 (chapter 5-6)

QuestionCorrect Answer
When was the Sherman Act Passed? in 1890
Makes certain practices conclusively unreasonable and therefore illegal? Per Se Rule
True Or False: Section 2 Prohibits monopolization, any attempted monopolization or any agreement or conspiracy to monopolize any market for a particular product or service True
A "suggested retail price" is not a violation of the antitrust laws. True
A person who is harmed by a conspiracy that violates the Sherman Antitrust Act may sue the wrongdoers for treble damages, which is four times the actual damages. False
A price reduction to one customer is lawful when it is made because of the deteriorated condition of the goods sold to that customer. True
Passed in 1914 what strengthened the Sherman Act? Clayton Act
What does the clayton act cover Tying arrangements, exclusive dealing arrangements, mergers and acquisitions, and interlocking board of directors
What year was the Robinson-Patman Act enacted? 1936
What was the purpose of the Robinson-Patman Act? To protect smaller business by limiting the large company's ability to command discriminatory discounts through its purchase power
Allow the Federal Trade Commission to enforce the other antitrust laws? Federal Trade Commission Act
Horizontal restraints Restraints among competitors
Vertical Restraints Restraints through supply chain
True or False: Market power under the Sherman Act is defined by both geographic and product markets. True
True or Falsae:Price discrimination is not permitted even when it can be justified on the basis of a difference in grade, quality, or quantity. False
True or False: The Clayton Act prohibits price discrimination between different buyers of like commodities when the effect may be to substantially lessen competition. True
What is a Monopoly? A situation in which a single company or group owns all or nearly all of the market for a given type of product.
True or False: Monopoly is characterized by the lack of competion? True
What is Market Power? The ability to control price and exclude competitors .
What is Boycott? Competitors refrain from dealing with certain buyers.
True or False:Boycotts are always illegal, even when done with good intentions. True
What is An Administrative Agency? a governmental body charged with administering and implementing legislation.
Administrative Agencies Include: Securities Exchange Commission (SEC) Consumer Product Safety Commission (CPSC) Food and Drug Administration (FDA)
What does the Administrative Procedure Act do? Open records Open meetings Public announcement of agency guidelines
Administrative Agencies have the power to? investigate, to require persons to appear as witnesses, and to bring proceedings against those who violate the law.
True Or False: Administrative Agencies are limited and subject to the constitutional protections afforded individuals and businesses. True
A significant difference between an administrative agency hearing and a court hearing is that: there is no right of trial by jury before an agency
An administrative agency can be created to perform: all three of the functions of government.
Generally, which power does an administrative agency possess? all powers necessary to effectively perform the duties entrusted to it
Which Act mandates meeting are to be open to the public? The Sunshine Act
Which amendment protects against self-incrimination cannot be invoked by a corporate officer when an agency has subpoenaed corporate records. Fifth
True Or False: The "public comment" period for proposed administrative agency rules must be at least 90 days. False
True or False: The Freedom of Information Act is intended to subject agency action to public scrutiny. True
The United States constitution places the most significant limitations on administrative investigation in the area of search and seizure of the person.
What is beyond the enforcement power of an agency? convicting of criminal violations
True or False: Courts will reverse a decision if they disagree with the legal interpretation True
What term means parties to an administrative action can appeal only after the agency has made a final decision? parties to an administrative action can appeal only after the agency has made a final decision
Created by: tblake3501
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