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Business Law 1 Wk 3
Government Regulations of competition & prices
| Question | Answer |
|---|---|
| Who regulates business competition and prices? | Federal and State Government |
| What 4 Acts does the Government relay on to regulate business behavoir? | The Sherman Act, The Clayton Act, The Robinson-Patman Act, and The Federal Trade Commision Act |
| This Act protects smaller businesses by making sure larger companies don't sale identical products at lower prices. | The Robinson-Patman Act |
| What Act focuses on mergers and acquistions and make sure there is still fair competition in the market? | The Clayton Act |
| What Act is viewed as the most important antitrust law. | The Sherman Act |
| Sectin 5 of this Act prohits, "unfair methods of competition " and deceptive practices" | The Federal Trade Commission Act |
| Agreements between companies not to sale below a certain price is called ? | Price Fixing |
| A single group or company that owns all or almost all of a certain product or service in the market? | A monoploly |
| The Sherman Act prohibits competitors from ______________, agreeing not to deal with certain buyers. | Boycotting |
| A violation of The Sherman Act, selling a product or service as a mandatory addition to a different product or service is called? | Tying |
| The Government Administrative Agency that set standards for product safety is ? | Consumer Product Safety Commission (CPSC) |
| This Government Agency set standards on medicine and food? | Food and Drug Administration (FDA) |
| What are bodies of government called that are in charge of making and implementing legislation? | Administrative Agencies |
Created by:
Bpaul78
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