12 May WHICH OF THE FOLLOWING IS NOT TRUE REGARDING SECTION 2 OF THE SHERMAN ACT?
Question 1If a manufacturer of television sets acquires a magazine publisher, it will be avertical mergerhorizontal mergerconglomerate mergerproduct-line5 points Question 2Happy City has three distributors of milk products. Sam, who owns a grocery store, angers one of the distributors when he insists that additional milk be delivered on Christmas Eve. He annoys another distributor when he makes a delivery driver wait to deliver milk. The three distributors get together and discuss the fact that they like all the other grocers in town better than Sam. One of them has an idea that they should stop selling milk products to Sam. The milk distributors call their friends the meat distributors and talk them into not selling meat to Sam either. Sam hears about the plot and wants to stop it. Which of the following best describes the agreements between the distributors of milk and meat to not sell to Sam?It would likely be a boycottIt would likely be a horizontal distribution agreementIt would likely be a vertical distribution agreementThere is no descriptive term in antitrust law since this is simply an agreement among sellers who do not legally have to sell to any particular buyer.5 points Question 3Section 2 of the Sherman Act prohibitsprice discrimination.monopolies and attempts to monopolize.every contract, combination or conspiracy in restraint of trade.mergers that threaten competition.5 points Question 4An equilibrium in which scarce societal resources are allocated to the production of various goods and services up to the point where the cost of the resources equals the benefit society reaps form their use is _________.productive efficiencyallocative efficiencytrue efficiencyproduct efficiency5 points Question 5The agreement of all the commercial airlines not to lower their fares would be an example of avertical restraint of trade.horizontal restraint of trade.tying arrangement.monopoly.5 points Question 6Which of the following is true regarding enforcement under the antitrust laws?The U.S. Department of Justice and the Federal Trade Commission act as enforcement agents for the federal antitrust laws.Only the U.S. Department of Justice acts as an enforcement agent for the federal antitrust laws.Only the Federal Trade Commission acts as an enforcement agent for the federal antitrust laws.The U.S. Department of Justice and the Consumer Fairness Commission act as enforcement agents for the federal antitrust laws.5 points Question 7A manufacturer that sells its goods both wholesale and at retail is called a(n)conglomerate merger.dual distributor.essential facility.franchise.5 points Question 8A[n] ______ is made up of product or service offerings by different manufacturers or sellers that are economically interchangeable and may therefore be said to compete.interchangeable-brand product marketmarket power interchangemultiple-brand product marketA consumer surplus brand market5 points Question 9The __________ concludes that market forces defeat most anticompetitive practices.Chicago SchoolAntitrust SchoolContra-antitrust SchoolEconomic Forecasting Model5 points Question 10_________ competition is competition between companies producing the same type of product.IntrabrandInterbrandVerticalOriented5 points Question 11Number One Oil Company sells gas to various gas stations. Number One requires that the gas stations agree that they will not sell gas above a certain maximum price set by Number One. Some of the gas stations are unhappy with the arrangement because they wish to sell gas at any price they choose. Unfortunately for them, other oil companies in the region also impose maximum price restrictions. The station owners begin investigating whether any antitrust violation could be involved. Which of the following best describes the situation by which Number One Oil Company and other companies impose maximum price restrictions?Horizontal price-fixingVertical price-fixingAdverse price-fixingThere is no antitrust term for the practice.5 points Question 12What was the first U.S. antitrust law?The Hart-Scott-Rodino Antitrust Improvements ActThe Robinson-Patman ActThe Clayton ActThe Sherman Act5 points Question 13With a(n) ________ distributorship, a manufacturer limits itself to a single distributor in a given territory.dualexclusivefranchisemarket-power5 points Question 14Which of the following is true regarding monopoly law in China?Each offense is specifically set forth with no catch-all provisions.It is not used against foreign investors.It prevents behavior classified as abuse of dominant market position.China lacks an anti-monopoly law although drafting has been in process for several years.5 points Question 15Which of the following refers to the principle that unless barriers to entry or other factors make a market structurally conducive to monopolization, pricing below cost is not a Sherman Act violation, regardless of whether the defendant had monopolistic intent?The principle of certaintyThe principle of uncertaintyThe rule of improbabilityThe rule of impossibility5 points Question 16Number One Oil Company sells gas to various gas stations. Number One requires that the gas stations agree that they will not sell gas above a certain maximum price set by Number One. Some of the gas stations are unhappy with the arrangement because they wish to sell gas at any price they choose. Unfortunately for them, other oil companies in the region also impose maximum price restrictions. The station owners begin investigating whether any antitrust violation could be involved. Which of the following is true regarding whether the imposition of maximum prices under the facts presented would be an antitrust violation?The U.S. Supreme Court has ruled that such restrictions do not violate federal antitrust law.The imposition of maximum pricing restrictions is per se illegal under federal antitrust law.A rule of reason approach is used in determining whether the imposition of maximum prices is illegal under federal antitrust law.A presumption of reasonableness approach is used in determining whether the imposition of maximum prices is illegal under federal antitrust law.5 points Question 17Which of the following is true regarding conscious parallelism?Proof, standing alone, that firms changed prices at the same time is sufficient to prove a horizontal conspiracy to set prices regardless of whether the firms initially set prices at the same levels.Proof, standing alone, that firms initially set prices at the same levels is sufficient to prove a horizontal conspiracy to set prices regardless of whether the firms later changed prices at the same time.Showing that firms consistently set prices at the same levels and change prices at the same time is sufficient to prove a horizontal conspiracy to set prices.Merely showing that firms consistently set prices at the same levels and change prices at the same time is insufficient to prove a horizontal conspiracy to set prices.5 points Question 18In the European Union, the principal rules of competition law are set forth in which of the following?The Treaty of Amsterdam and the Merger Control RegulationThe European Union Regulation and the Treaty of AmsterdamOnly the European Union RegulationOnly the Treaty of Amsterdam5 points Question 19Which of the following is the objective of the rule of reason rule?To determine whether the requirements of the per se rule have been satisfied.To determine whether, on balance, the activity at issue promotes or restrains competition.To determine whether in a particular situation a horizontal price fixing has actually harmed consumers.To determine if providers of a good acted reasonably in engaging in a boycott.5 points Question 20Which of the following is not true regarding Section 2 of the Sherman Act?Unilateral conduct may violate Section 2.Section 2 allows the mere possession of monopoly power.A firm violates Section 2 even if attains the monopoly power by superior performance.The offense of monopolization has two elements: monopoly power and proof that the defendant willfully acquired or maintained that power through anticompetitive acts5 points 5 points 5 points 5 points 5 points 5 points 5 points 5 points 5 points 5 points 5 points 5 points 5 points 5 points 5 points 5 points 5 points 5 points 5 points
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