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Chapter 22- Promoting Competition

Chapter 22- Promoting Competition - Chapter 22 Promoting...

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Chapter 22- Promoting Competition T RUE -F ALSE  Q UESTIONS         1. Monopoly power is market power sufficient to control prices and exclude competition.         2. A relevant product market includes products that are sufficient substitutes for each other.         3. Market power is the extent to which a firm can exclude competition.         4. Antitrust law is intended to eliminate competition in business markets.         5. A firm that can ignore its competitors in setting a price for its product has no market power.         6. A determining factor as to whether a firm is a monopoly is its size in terms of the relevant market.         7. An unsuccessful attempt to monopolize is not a violation of antitrust law.         8. No person can be a director in two or more corporations at the same time.         9. The U.S. Department of Justice can ask a court to require a firm’s dissolution for an antitrust violation.         10. Even if a private party has been injured by an antitrust violation, the party cannot sue for damages.
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