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Chapter 5- W3
Chapter 5 Review- w3
| Term | Definition |
|---|---|
| Federal Government | May regulate any area of business to advance the nation’s national economic needs |
| State Government | Rely on the police power • May not impose an unreasonable burden on • Interstate commerce or • Any activity of the federal government |
| The federal and state governments rely on the following: | Sherman Act 2. Clayton Act 3. Robinson-Patman Act 4. Federal Trade Commission Act |
| Clayton Act | Passed in 1914 - Strengthened the Sherman Act - addresses specific practices where the effect may be to substantially lessen competition or tend to create a monopoly - Prevented companies from acquiring stock from another company (anti-monopoly) |
| Federal Trade Commission Act | This law in effect authorizes the Federal Trade Commission to enforce the other three antitrust laws. • Section 5 of this Act prohibits "unfair methods of competition" and "deceptive practices." • |
| Regulations of Price? 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 tying? | The practice of selling one product or service as a mandatory addition to the purchase of a difference product or service |
| Price Discrimination | The charging practice 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 |
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