12 terms

Campbell Econ Heather Lanae

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Monopoly
A market where there is only 1 seller, and almost all of the power is in the producer's hands.
Perfect Competition
Many producer's of the product and the consumers have several choices between competing companies.
Oligopoly
A market in which control over the supply of a product is in the hands of a small number of producers and each one can influence prices and affect competitors.
Monopolistic Competition
A market structure in which many firms sell products that are similar but not identical.
Interstate Commerce Act
Monitors the business operation of carriers transporting goods and people between states - created to regulate railroad prices.
Sherman Antitrust Act
First federal action against monopolies, it was signed into law by Harrison and was extensively used by Theodore Roosevelt for trust-busting.
Clayton Antitrust Act
New antitrust legislation constructed to remedy deficiencies of the Sherman Antitrust Act, namely, it's effectiveness against labor unions.
Federal Trade Commission
One of the accomplishments of Woodrow Wilson's New Freedom, an agency with the power to investigate unfair business preactices.
Robinson-Patman Act
Prohibits wholesalers from charging small retail businesses more than large retailers.
Celler-Kefauver Act
Prohibits stock purchases from other companies to decrease competition.
Antitrust Procedures and Penalties Act
Increased penalties for violating antitrust laws.
Parens Patriae Act
Stands for "parent of the nation" it refers to the power of the state to intervene against an abusive or negligent parent, and to act as the parent of any child or individual who is in need of protection.