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Chapter 24

Business Law

TermDefinition
Antitrust Laws Regulations that encourage competition by limiting the market power of any particular firm.
Monopoly A business or inter-related group of businesses which controls so much of the production or sale of a product or kind of product as to control the market, including prices and distribution.
Monopoly Power Requires that the firm be able profitably to charge prices high enough to earn a supernormal return on its investment.
Market Power The power to raise price above competitive levels.
Per Se Violation The act is inherently illegal.
Rule of Reason Requires a court to balance an agreement's pro-and anti-competitive effects under section 1 of the Sherman Act 1890 in the US.
Horizontal Restraint A restraint of trade involving an agreement among competitors at the same distribution level for the purpose of minimizing competition.
Price-Fixing Agreement An agreement (written, verbal, or inferred from conduct) among competitors to raise, lower, maintain, or stabilize prices or price levels
Group Boycott Collusion by two or more competitors to keep a current or potential competitor (the target company) from a market.
Concentrated Industry The degree to which production in an industry—or in the economy as a whole—is dominated by a few large firms.
Vertical Restraint A restraint of trade involving parties (as manufacturers and wholesalers) at different levels of a market structure.
Vertically Integrated Firm The business arrangement in which a company controls different stages along the supply chain
Resale Price Maintenance Agreement Arrangement where resellers agree that they will sell product or products at certain prices at or above price floor (minimum RPM) or at or below a price ceiling (maximum RPM).
Predatory Pricing The illegal business practice of setting prices for a product unrealistically low in order to eliminate the competition
Monopolization Predatory or Below-Cost Pricing. Refusal to Deal. Tying the Sale of Two Products.
Attempted Monopolization Requires (1) anticompetitive conduct, (2) a specific intent to monopolize, and (3) a dangerous probability of achieving monopoly power.
Price Discrimination Charging different customers different prices for the same good or service.
Exclusive-Dealing Contract Prevents a distributor from selling the products of a different manufacturer
Tying Arrangement An agreement in which the seller conditions the sale of one product (the "tying" product) on the buyer's agreement to purchase a separate product (the "tied" product) from the seller.
Market Concentration Measures the extent to which market shares are concentrated between a small number of firms
Horizontal Merger A merger occurring between companies in the same industry.
Vertical Merger The merger between two or more companies that produce separate services or components along the same supply chain.
Divestiture The partial or full disposal of an asset by a company or government entity through sale, exchange, closure, or bankruptcy.
Treble Damages A term that indicates a statute exists to award a prevailing plaintiff up to three times actual or compensatory damages.
Created by: merazl
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