What should I know about antitrust laws?

Antitrust laws are laws designed to protect consumers and businesses by promoting fair competition in the market. In South Carolina, these laws are enforced by the South Carolina Department of Consumer Affairs. Antitrust laws help protect small businesses by prohibiting anti-competitive behaviors like price-fixing, bid-rigging, and market division. These activities occur when companies work together to control prices, divide up markets, or limit the competition by preventing other businesses from entering the market. In South Carolina, it is illegal for businesses to form cartels or agreements to fix prices, divide markets, or engage in any other activity that restricts competition. Doing so can result in criminal penalties, including imprisonment. Even if there is no explicit agreement between businesses, monopolistic behavior like price gouging, limiting production to drive up prices, or buying up all of a particular product may be illegal. Any practices which unfairly limit competition or deny consumers the benefit of a competitive marketplace are prohibited by antitrust laws. If you suspect that a business is engaging in anticompetitive behavior, you can file a report with the South Carolina Department of Consumer Affairs. It is important for small business owners to be aware of these laws and the penalties for violating them in order to protect their business and their customers.

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What should I know about antitrust laws?

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