Is That Even Legal?
Two competing businesses agree to charge customers the exact same price. What is this called?
Price fixing
What government agency helps protect consumers from unfair or deceptive business practices?
Federal Trade Commission (FTC)
What is the main goal of laws that regulate competition between businesses?
To promote fair competition
What is the process called when an administrative agency creates new regulations?
rule making
Which assigned court case involved a company accused of using patents in an unlawful tying arrangement?
Illinois Tool Works Inc. v. Independent Ink Inc.
What law was created in 1890 to help prevent businesses from limiting competition?
Sherman Antitrust Act
What does OSHA primarily focus on?
Workplace safety and health
What is it called when a seller charges competing buyers different prices for similar products?
Price discrimination
What is the term for laws and regulations that govern administrative agencies?
Admin Law
What product was at the center of Utah Pie Co. v. Continental Baking Co.?
Frozen pies
What is it called when one company has overwhelming control of a particular market?
Monopoly
What agency is responsible for enforcing federal environmental regulations?
Environmental Protection Agency (EPA)
Which federal law addresses certain forms of price discrimination between competing buyers?
Robinson-Patman act
What type of proceeding allows an agency to hear evidence and resolve a dispute?
Admin Hearing
In Illinois Tool Works, did the Supreme Court decide that owning a patent automatically proves market power?
No
A business lowers its prices to push competitors out of the market, planning to raise them later. What is this practice called?
Predatory pricing
What do we call government organizations that enforce regulations in specific areas?
Administrative agencies
A company tells customers they can only purchase Product A if they also buy Product B. What is this called?
Tying arrangement
What is it called when a court examines an administrative agency's decision?
Judicial review
What was the major pricing issue discussed in Utah Pie Co. v. Continental Baking Co.?
Alleged price discrimination by competitors
What federal law addresses certain business practices and mergers that could substantially reduce competition?
Clayton Act
What federal law establishes many of the procedures administrative agencies must follow?
Administrative Procedure Act
Why are agreements between competing businesses to set prices generally illegal?
They restrict competition and prevent independent pricing
What is the difference between rulemaking and adjudication?
Rulemaking creates regulations, while adjudication resolves specific disputes
Why was Illinois Tool Works an important decision for antitrust law?
It established that market power cannot automatically be presumed simply because a company owns a patent