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24 Cards in this Set
- Front
- Back
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antitrust law
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laws protecting commerce from unlawful restraints
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monopoly
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a term generally used to describe a market in which there is a single seller or a limited number of sellers
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monopoly power
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the ability of a monopoly to dictate what takes place in a given market
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market power
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the power of a firm to control the market price of its product. A monopoly has the greatest degree of market power
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per se violation
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a type of anticompetitive agreement that is considered to be so injurious to the public that there is no need to determine whether it actually injures market competition; rather, it is in itself (per se) a violation of the Sherman Act
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rule of reason
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a test by which a court balances the positive effects (such as economic efficiency) of an agreement against its potentially anticompetitive effects in antitrust litigation, many practices are analyzed under the rule of reason
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horizontal restraint
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any agreement that in some way restrains competition between rival firms competing in the same market
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price-fixing agreement
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an agreement between competitors to fix the prices of the products or services at a certain level
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group boycott
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the refusal by a group of competitors to deal with a particular person or firm; prohibited by the Sherman Act
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vertical restraint
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any restraint on trade created by agreements between firms at different levels in the manufacturing and distribution process
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vertically integrated firm
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a firm that carries out two or more functional phases (manufacture, distribtution, and retailing, for example) of the chain of production
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resale price maintenance agreement
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an agreement between a manufacturuer and a retailer in which the manufacturer specifies what the retail prices of it products must be
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predatory pricing
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the pricing of a product below cost with the intent to drive competitors out of the martket
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monopolization
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the possession of monopoly power in the relevant market and the willful acquistions or maintenance of that power, as distinguished from growth or development as a consequence of a superior product, business acumen, or historic accident
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market-share test
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the primary measure of monopoly power. A firm's market share is the percentage of a market that the firm controls
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attempted monopolization
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any actions by a firm to eliminate competition and gain monopoly power
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price discrimination
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setting prices in such a way that two competing buyers pay two different prices for an identical product or service
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exclusive-dealing contract
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an agreement which a seller forbids a buyer to purchase products fromt he seller's competitors
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tying arrangement
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an agreement between a buyer and a seller in which the buyer of a specific product or service becomes obligated to purchase additional products or services from the seller
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market concentration
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the degree to which a small number of firms control a large percentage share of a relevent market; determine by calculating the percentages held by the largest firms in that market
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horizotal merger
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a merger between two firms that are competing in the same marketplace
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vertical merger
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the acquisition by a company at one level in a merketing chain of a company at a higher or lower level in the cahin (such as a company merging with one of its suppliers or retailers)
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devestiture
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the act of selling one or more of a company's divisions or parts, such as a subsidiary or plant; often mandated by the courts in merger or monopoliziation cases
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treble damages
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damages, that by statute, are three times the amount that the fact finder determines is owed
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