1) The Sherman Act does not allow? a) Agreements that have a restraint on trade b) price discrimination c) monopolization d) exclusive trading contracts 2) What does the "per se" violation mean? a) It only applies to monopolies b) The conduct is considered illegal immediently c) the defendant can present defenses of reasonableness d) it must be evaluated under the "rule of reason" 3) The Clayton Act does not allow tying arrangements. a) true b) false 4) the reule of reason contemplates a scale in which the court weighs any _______ harm suffered against the marketwide benefits of action. a) consumer b) economic c) competitive d) anticompetitive 5) Two sided markets in use when an organization creates value primarily by selling products directly to a single group of customers rather than facilitating interactions between multiple groups. a) true b) false 6) What does the meeting of minds require? a) the contract must be approved by a third party before it is valid b) Each party believes the contract is fair and equitable c) Both parties have identical subjective intentions regradless of what they actually communicated d) parties to agree then commit to an overt act  7) A boycott that involves competing firms agreeing to deal with a certain party is a per se violation of the Sherman Act. a) true b) false 8) Which of the following does NOT apply to market allocation a) Agreements among competitors that divide markets either by territory or by customer are anticompetitive and illegal per se. b) Such arrangements are blatantly restrictive because they leave no room for competition of any kind. c) typically involves agreements between firms to share market intelligence lawfully d) Competing firms may not divide among themselves the geographic areas in which they sell, nor may they distribute customers or allocate the available market. 9) The tying agreement occurs when a buyer refuses to purchase a certain product unless the seller gives them a discounted second product. a) true b) false 10) A monopoly owner has inherent power in setting prices without any chance of _____ market share due to competition. a) losing b) gaining c) maintaining 11) What laws combat the problem of monopolization by outlawing affirmative action toward monopolizing or attempting to monopolize a part of trade or commerce? a) consumer protection laws b) structural offense laws c) behavioral offense laws d) conduct regulation laws 12) What does a company have if it controls most of the relevant market? a) competive advantage b) monopoly power c) market share d) consumer leverage 13) a consent order is an agreement between the government and a party that spells out detailed conditions and compliance measures that the party agrees to take in exchange for the government’s decision not to pursue a court action. a) true b) false  14) There are two defenses to a price discrimination claim, and both are centered on the fact that some price discrimination may be legitimate, which anwer does NOT match a) The seller has not voilated antitrust laws if they conduct a good faith campaign to meet the lower price or a competitor that results in price discrimination b) The seller can claim consumer ignorance or lack of awareness as a defense c) No violation occurs when a seller has different manufacturing, shipping, or operational costs that vary from buyer to buyer 15) What act is still considered the "Modern Statute" a) Clayton act b) Sherman act c) Robinson-Patman Act 16) How long is the prison sentence for those convicted of willful antitrust violations a) 3 years b) 15 years c) 6 years d) 10 years 17) The most difficult question in analyzing a tying agreement is where to draw the line between legitimate parallel product enhancements and anitcompetitive market manipulation a) true b) false 18) what is one of the most famous essays in the history of economic thought? a) The General Theory of Relativity by Albert Einstein b) On the Origin of Species by Charles Darwin c) The Wealth of Nations 19) Which is Not one of the five statutory scheme of federal antitrust laws a) The Sherman Act b) Celler-Kefauver Antimerger Act c) Securities exchange Act d) Robinson-Patman Act

chapter 47 wheel activity

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