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Week 3

Business Law

TermDefinition
Federal Government May regulate any area of business to advance the nations national economic needs
State Government Rely on police power; May not impose an unreasonable burden on interstate commerce or any activity of the federal government
Horizontal Restraints Restraints among competitors' goal to make sure gaining customers because of better service/price and not because of price manipulation or market manipulation
Vertical Restraints Restraints through the supply chain
Regulation of Prices/ Price fixing Agreements between competitors to not sell below a certain price; Commission Rates, Credit Terms and agreements to exchange cost information
Monopolization/ Monopoly A situation where in which a single company or group owns all or nearly all of the market for a given type of product/service -Characterized by the lack of competition -Prohibited under the Sherman antitrust act
Market Power The ability to control price and exclude competitors -Geographic Markets -Product Markets
Boycotts Competitors agree to refrain from dealing with certain buyers -Boycotts are per se violations of the Sherman Act
Price Discrimination The charging price by a seller of different prices to difference buyers for commodities of similar grade and quality, resulting in reduced competition or a tendency to create a monopoly
Nature Of the Administrative Agency An administrative agency is a government body that administers and implements legislation Created to carry out general policies specified by congress
Tying The practice of selling one product or service as mandatory addition to the purchase of a difference product or service
Mergers along the supply chain Vertical mergers- A merger between two companies producing difference goods or service for one specified finished product. -Clayton Act applies to vertical mergers
Created by: ShakeirriaB
 

 



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