Exam 21: Antitrust Policy and Regulation

Which theory of regulation assumes that the industry wants to be regulated, in order to reduce competition and achieve cartel-like conditions?

Public regulation rather than public ownership has been the primary means used in the United States to ensure that the behavior of natural monopolists is socially acceptable.

Conspiracies to fix prices are

All of the following are regulatory commissions dealing with industrial regulation (as distinct from social regulation) except the

All price discrimination is deemed illegal in antitrust legislation.

The two alternative ways of promoting better outcomes when a natural monopoly exists are

Which of the following is least likely to violate the Sherman Act or the Clayton Act?

The Sherman Act

The argument that an industry that is highly concentrated will act like an anticompetitive monopolist would support the case that the application of antitrust laws should be based on industry

The government was successful in gaining an antitrust conviction in the

Defenders of social regulation point out that

In the U.S. Steel case, the court ruled that

The Herfindahl index measures the

Which of the following statements is true?

The Sherman Act was designed to

One good example of a government agency involved mainly in social regulation is the Food and Drug Administration.

Which of the following cases established that the mere possession of monopoly power violated antitrust laws?

Dominant firms that formed in several industries in the U.S. in the 1870s and 1880s, which assigned control to a single decision group, were referred to as

The main purpose of industrial regulation is to

Suppose a court rules that the ABC Corporation is in violation of the antitrust laws because it produces 70 percent of the output of its industry. This decision is consistent with the