In this last question there are eight blanks worth 3 points each. You are required to write the actual words in these blanks -- not the numbers from the word bank. Therefore, be very careful in entering your answers. The answers are not case-sensitive, but if you misspell a word or carelessly enter a random letter or blank, Blackboard will mark your answer as wrong.
The body of laws that help keep industries competitive is known as legislation. The first major piece of such legislation is known as the act -- establish in (enter year).The two federal agencies responsible for prosecuting violators of these laws is the Department of and the (enter acronym).Section I was this law prohibits any agreement to restrain trade is illegal. This is known as the per-se rule because such activities are illegal, per se (by itself). Section II, however, does not proclaim that every monopoly is illegal. It was in the Standard Oil case (1911) where the court set the judicial precedent that is known today as the Rule of . This rule permits the evolution of monopolies and near-monopolies, if the process was a result of natural market forces, excellent management, increased degree of capitial intensity, technological change or some other phenomenon that would cause a firm (or firms) within an industry to grow larger. By 1914, it was clear that the existing anti-trust laws were not specific enough. As a result, the Act (along with the Federal Trade Commission Act) was passed to outlaw specific behavior that would tend to cause an industry to become less competitive, such as tying contracts, price discrimination and certain types of .