Regulating Competition_antitrust Laws

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Question 1

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A trust is a fiduciary relationship in which the trustee holds equitable title and the beneficiaries hold legal title to the trust property.

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Question 2

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The Department of Justice alone has the power to bring criminal proceedings in cases of violations of antitrust laws.

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Question 3

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Private parties may bring criminal suits seeking monetary damages or injunction as a means of enforcing antitrust laws.

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Question 4

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An express agreement is a must to create a contract in restraint of trade.

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Question 5

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The Sherman Act regulates monopolies after they are formed, but does not regulate mere attempts to monopolize.

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Question 6

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An express agreement is not required to create a contract in restraint of trade.

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Question 7

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Mere possession of monopoly power is not a violation of the Sherman Act.

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Question 8

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The test of reasonableness asks whether challenged contracts or acts are unreasonably restrictive of competitive conditions.

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Question 9

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If an action is determined to be illegal per se, the courts are not required to apply the rule of reason to analyze the case further.

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Question 10

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Crimes under the Sherman Act are felonies.

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Question 11

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Defendants often use a plea of nolo contendere in civil actions to avoid the use of evidence from the trial being used in the criminal case.

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Question 12

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The normal activities of labor unions are exempt from the Sherman Act.

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Question 13

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Horizontal price fixing occurs when manufacturers attempt to set the ultimate retail price for their products.

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Question 14

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If the prices fixed are fair or reasonable, it is not considered to be price fixing.

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Question 15

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According to the per se rule, price fixing is illegal only when the parties have control of the market.

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Question 16

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The per se rule makes price fixing illegal when it results in higher prices but doesn't apply to agreements to ensure lower prices.

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Question 17

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Agreements between competitors relating to the price to be charged for a product or service are in violation of the Sherman Act if those agreements threaten free competition.

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Question 18

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Under what is commonly referred to as the Colgate doctrine, the Supreme Court recognizes that independent action by a manufacturer is a per se violation of the Sherman Act.

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Question 19

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Resale price maintenance is legal only if there is no coercion or pressure other than the announced policy and its implementation.

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Question 20

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A manufacturer announcing its prices and refusing to deal with those who fail to comply is a method of legally controlling the retail price.

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