Exam 49: Antitrust: the Sherman Act

In the case in the text,United States v.Hsiung,the court held that:

Assume that the Oklahoma Wholesale Lumber Suppliers' Association,a trade association formed by all lumber wholesalers in the state,adopts a "fair competition" plan that divides the state into exclusive territories for member wholesalers.Each member wholesaler is forbidden by the plan to sell to retailers in another wholesaler's territory.Under these circumstances,which of the following is true?

Which of the following involves a plea where the defendant technically has not admitted guilt,but the sentencing court can still impose the same penalty as if the defendant pleaded guilty or was convicted at trial?

Which of the following is defined for antitrust purposes as the power to exclude competitors in a given market?

________ involve a defendant's consent to remedial measures aimed at remedying the competitive harm resulting from his actions.

The potential anticompetitive effect of a tying agreement is that the seller's competitors in the sale of the tied product may be foreclosed from competing with the seller for sales to customers that have entered into tying agreements with the seller.

Firms that acquire monopoly power in a given market comply with the antitrust laws' objective of promoting competitive market structures.

Although the Sherman Act indicates that ''every'' restraint on trade is illegal,courts have held that the Sherman Act is applied only when a competitor acts in what way?

To have standing in a federal antitrust case,what must a potential plaintiff have?

Bony Corp.requires retailers and wholesalers that purchase Bony's $200 videocassette recorders (VCR)to purchase $20 of blank Bony videotapes with each VCR.Under these circumstances,which of the following statements is accurate?

Parties that are successful in an antitrust suit are entitled to recover treble damages.

In 1978,Frieda Stayel opened a donut shop in the town of Fort Garth,Indiana.Her shop,called "Stayel Donuts," was the first of its kind in the community.Over the years,Stayel Donuts acquired a wide following,not only in Fort Garth but also throughout Indiana and even in surrounding states.Persons traveling through Indiana on their way to another state often would go out of their way to stop at Stayel Donuts because of what they had heard about the high quality of the baked goods sold there.Various competing donut shops opened in Fort Garth and in nearby communities during the years following 1978,but all had failed to acquire enough of a following to enable them to stay in business for very long.As of mid-2003,approximately 95 percent of the donuts sold in Fort Garth were from Stayel Donuts.The latest of Stayel's competitors whose business failed was Duane Duncan,the former operator of "Duncan Donuts." Duncan's attorney has advised him that Stayel has a monopoly on the donut business and that Duncan therefore has a good antitrust claim against Stayel under Section 2 of the Sherman Act? Is the attorney's advice legally sound? Why or why not?

Which of the following constitutes a necessary part of a larger joint undertaking serving procompetitive ends?

The proof of joint action required for violations of Section 1 of the Sherman Act is applicable when a single firm is guilty of monopolizing or attempting to monopolize a part of trade or commerce.

Which of the following situations will justify the inference that a price-fixing conspiracy exists?

Hem Sylvester Oil Company,owning a chain of wholly owned gas stations,refused to purchase the tires that Sans Corporation sells in some of its stations,unless the tire manufacturer agrees to purchase from the oil company,the petrochemicals used in the tire manufacturing process.This agreement is an example of a(n):

A common variation of a(n)________ agreement is the requirements contract.

Which of the following has the Supreme Court defined as pricing below an appropriate measure of cost for the purpose of eliminating competitors in the short run and reducing competition in the long run?

________ analysis of behavior challenged under Section 1 of the Sherman Act is thought to provide reliable guidance to business.

All of the gas stations in Smalltown agree to charge the same price for gas.The owners of the various companies get together every Friday in a coffee shop to decide what the price will be next week.This is: