Question

The Standard Oil company was found in violation of antitrust law in 1911 and forced to break into 34 separate companies. Define antitrust law and describe how it protects competition.

Answer 1

@keana @tester97
@texaschic101 plz help @rose21

Answer 2

United States antitrust law is a collection of federal and state government laws, which regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers. The main statutes are the Sherman Act 1890, the Clayton Act 1914 and the Federal Trade Commission Act 1914. These Acts, first, restrict the formation of cartels and prohibit other collusive practices regarded as being in restraint of trade. Second, they restrict the mergers and acquisitions of organizations which could substantially lessen competition. Third, they prohibit the creation of a monopoly and the abuse of monopoly power. The Federal Trade Commission, the US Department of Justice, state governments and private parties who are sufficiently affected may all bring actions in the courts to enforce the antitrust laws. The scope of antitrust laws, and the degree they should interfere in business freedom, or protect smaller businesses, communities and consumers, are strongly debated. One view, mostly closely associated with the "Chicago School of economics" suggests that antitrust laws should focus solely on the benefits to consumers and overall efficiency, while a broad range of legal and economic theory sees the role of antitrust laws as also controlling economic power in the public interest.

Answer 3

http://en.wikipedia.org/wiki/United_States_antitrust_law

Answer 4

@keana what i am i suppose to writw

Answer 5

cuz thats alot Lol

Answer 6

read it and your answer is in there

Answer 7

........ LOL

Answer 8

I would just say "The antitrust laws are supposed to promote and protect competition. This alone is their proper purpose. They are not intended to punish big companies merely on account of their size, nor to serve as surrogate “consumer protection” laws. Most importantly, they have never been anti-market or anti-business in their underlying conception or in their implementation. On the contrary, the antitrust laws are intended to promote market economics and healthy competition in every market, while checking the abuses that sometimes arise in different markets. The idea behind these laws is that in every market there should be robust competition: If in each market there are many sellers busily competing against one another to sell a particular kind of product or service to paying customers, no seller will be able to take unfair advantage of the buyers, but rather each seller will be obliged to offer its goods or service on attractive terms, and each will be responsive and efficient in its dealings with buyers, who otherwise will simply turn to another, better seller."

Answer 9

or if you want a short answer, "The antitrust laws are supposed to promote and protect competition. This alone is their proper purpose. The idea behind these laws is that in every market, there should be robust competition."

Answer 10

)\Ok thank you so much ;

Answer 11

;)