Antitrust Laws For Fair And Competitive Business

708 words - 3 pages

Antitrust Laws for Fair and Competitive Business
Laws in the United States that aim to promote fair, balanced, and competitive business practices are known as antitrust laws. According to Bovée & Thill, (2013), “Antitrust laws limit what businesses can and cannot do to ensure that all competitors have an equal chance of succeeding” (p.40). Three such laws are The Sherman Act, The Federal Trade Commission Act, and The Clayton Act. These laws (particularly The Sherman Act) provide general guidelines for business practices, but not all of them define specific rules that a business must follow.
There are too many situations that may arise for each one to be addressed. Therefore, when a ...view middle of the document...

Price-fixing is another issue that is addressed by The Sherman Act. Regardless of what the fixed price is (above, below, or at market value), price fixing ultimately harms the consumer. The law prevents agreements between the main competitors in a given market to set a specific price for a product, leaving the consumer little or no option but to pay or go without.
Antitrust laws are effective if and when potential violations are reported and tried in the United States Supreme Court. However, many instances of such practices go unnoticed due to several reasons. Smaller less-visible companies may not be questioned since they don’t control a large portion of the market. Price fixing may also go unreported if it is done by companies in a relatively small geographic area.
Larger far-reaching companies such as Wal-Mart are much more in the public eye and their business practices are closely scrutinized here in the U.S. But many of those businesses have contracted with foreign manufacturers in locations where our antitrust laws are not applicable. The foreign companies may be participating in price-fixing for the sale of their goods or services to U.S....

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