What is antitrust law and what are the principles governing it?
Antitrust laws are a set of federal and state laws in the United States that are designed to protect competition and consumers. These laws are intended to promote healthy competition between businesses and safeguard consumers from monopolies and anticompetitive practices. The key principles governing antitrust law in Washington include: 1. The Sherman Act (1890): This act prohibits any contract, combination, or conspiracy that unreasonably restrains trade. It also prohibits any activities that may result in a monopoly. 2. The Clayton Act (1914): This act further expands upon the Sherman Act by prohibiting specific anticompetitive practices, such as price discrimination. 3. The Federal Trade Commission Act (1914): This act creates the Federal Trade Commission, which is responsible for enforcing antitrust laws and investigating anticompetitive practices. 4. The Robinson-Patman Act (1936): This act prohibits retailers from engaging in price discrimination and creating an unfair market, which could give one retailer an advantage over another. The enforcement and interpretation of these laws are a major task for the Department of Justice, which is responsible for prosecuting cases involving violations of antitrust law. Additionally, the court system must interpret the laws according to the facts of each individual case, as antitrust law is complicated and is open to certain interpretations.
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