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Business Law I

Chapters 5 & 8

QuestionAnswer
when did the Sherman Act pass? In 1890
What is price fixing? Agreements between competitors to not sell below a certain price. Agreements between competitors on commission rates. Agreements between competitors on credit terms. Agreements between competitors to exchange cost information.
What is a monopoly? A situation in which a singe company or group owns all or nearly all of market for a given type of product/service.
When is price discrimination ok? A difference in grade, quality, or quantity. The cost of transportation involved in performing the contract. A good faith effort to meet competition. Difference in methods of quantities. Deterioration of goods or A close- out sale of a paticular lin
What is vertical mergers? A merger between two companies producing difference goods or services for one specified finished product.
What is a Administrative Agency? A government body charged with administering and implementing legislation.
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
Agency may not adopt regulations within the scope of its authority. False
Agencies include Securities Exchange Commission (SEC) Consumer Product Safety Commission (CPSC) Food and Drug Administration (FDA)
What happens if the Administration Agency finds a potential violation of the law? It acts as a judicial arbiter to conduct hearings on violations.
The state government rely on, what? Police Power
What do the Robinson-Patman Act focuses on? Discrimination in prices charged to competing purchasers for products of like grade and quality.
The purpose of the Robinson-Patman Act is to protect larger businesses by limiting the small company's ability to command discriminatory discounts through its purchasing power. False
Horizontal restraints restraints among competitors
Vertical restraints restraints through the supply chain
How do courts determine whether a company is engaged in a monopoly? Does the company have market power? How was the Market power gained?
What is Market power? The ability to control price and exclude competitors.
what is a boycott? Competitors agree to refrain from dealing with certain buyers.
Boycotts are per se violation of the Clayton Act. False
Clayton Act weakened the Sherman Act. False
Sherman Act "bigness" is prohibited. False
Clayton Act covers: Interlocking boards of directors typing arrangements mergers and acquisitions and exclusive dealing arrangements
Created by: DAYSHAWN30
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