True/False
Indicate whether the sentence or statement is true
or false.
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1.
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Market power is the term for a type of anticompetitive agreement.
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2.
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Market power is the extent to which a firm can exclude competition.
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3.
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A
firm that can ignore its competitors in setting a price for its product has no market
power.
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4.
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An
agreement that fosters competition is an unreasonable restraint of trade.
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5.
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A
restraint of trade is any agreement between firms that has the effect of reducing competition in the
marketplace.
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6.
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The
Sherman Act prohibits anticompetitive behavior that produces monopoly power.
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7.
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The
Sherman Act prohibits concerted activity that unreasonably restrains trade.
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8.
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The
Clayton Act condemns all forms of anticompetitive behavior not covered under state
laws.
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9.
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An
exclusive dealing contract is illegal per se.
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10.
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A
tying arrangement is illegal per se.
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11.
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The
Sherman Act applies only to acts that have a significant impact on interstate commerce.
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12.
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Only
private individuals can enforce the antitrust laws.
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13.
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The
insurance industry is a primary focus of the federal government's antitrust efforts.
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14.
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A
joint effort by businesspersons to obtain government action is exempt from the prohibitions of
antitrust law.
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15.
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Possessing monopoly power is a violation of antitrust law.
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16.
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Monopolization violates the Sherman Act only if a firm intends to monopolize a
given market.
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17.
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The
size of a firm determines whether it is a monopolist.
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18.
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The
market-share test is a binding principle of law.
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19.
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There
may be pro-competitive reasons for selling products below cost.
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20.
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An
attempt to monopolize a market can violate antitrust law.
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