Word Bank -- Quiz 10
Enter the corresponding number into the blanks on Quiz 10, rather
than the actual words. The term, "et al," means "and others."
1)	Acquisition of competing firm's stock			34	LG, Sharp, Hitachi, et al
2)	Advertising			35	Measure
3)	Antitrust			36	Mergers
4)	Archer Daniels Midland, Cargill, et al			37)	Monopolyy
5)	AT&T			38	Most
6)	Behavioral			39	Narrow
7)	Benefit			40	Natural
8)	British Airlines and Korean Air			41	Operating costs
9)	Broad			42	Physical assets
10)	By itself			43	Price discrimination
11)	Cargolux, Nippon and Asiana			44	Price fixing
12)	Celler-Kefauver Act			45	Prices
13)	Clayton Act			46	Reduces
14)	Collusive activities			47	Regulation
15)	Competition			48	Relevant market
16)	Conagra and Hormel			49	Resource
17)	Conglomerate			50	Rule of Reason
18)	Cost			51	Same
19)	Cost-Benefit			52	Samsung, Hynix, et al
20)	Different			53	Sherman Act
21)	Dominant			54	Single
22)	Fair return			55	Size
23)	Federal Trade Commission			56	Sotheby's and Christie's
24)	Flexible packaging materials			5)	Standard Oil
25)	Horizontal			58	States attorney generals
26)	Ideology			59	Stock
27)	Increases			60	Structural
28)	Information			61	Trust
29)	Injured parties			62	Tying contracts
30)	Input			63	U.S. Steel
31)	Interlocking Directorates			64	UCAR et al
32)	Interstate Commerce Commission			65	Vertical
33)	Least			66	Whealer-Lea

QUESTION 1

1. Chapter 19 focuses on A) BLANK legislation and policy. The term stems from the fact that as business firms grew larger as a result of widening markets after the Civil War, some combined into a single decision group known as a B) BLANK. This term, therefore, became associated with a market model that we have already analyzed, C) BLANK . In the purest sense, this market model means a D) BLANK seller. However, it has evolved to be interpreted by the public and the government as a E) BLANK seller in an industry.

QUESTION 2

1. The antitrust case that established the Rule of Reason was the A) BLANK case of B) BLANK (enter year). The Rule of Reason established the legal precedent that C) BLANK, alone, was not an offense. The term per se means D) BLANK. The Per Se Rule, in the context of antitrust legislation, refers to the fact that E) BLANK and F) BLANK are illegal, per se, and therefore not subject to the G) BLANK. Two cases where the defendants were convicted of per se violations are: H) BLANK, in 1996, and I) BLANK in 2007.

QUESTION 3

1. The cornerstone of antitrust policy in the United States is the A BLANK of B BLANK (enter year). However, this act was rather vague and ambiguous and required a more explicit statement of what their boundaries were. As a result, Congress passed the C) BLANK of D) BLANK (enter year) for this purpose. This law explicitly made four specific acts illegal:

E) BLANK -- when it is not justified by cost differences.

F) BLANK -- when a resource supplier requires that it's customer purchase another item, as well.

G) BLANK -- when the outcome would be reduced competition within the industry

H) BLANK -- when the effect would be to reduce competition.