Definition of 'Antitrust'
The Sherman Antitrust Act of 1890 is the foundation of U.S. antitrust law. The Sherman Act prohibits monopolization, attempts to monopolize, and conspiracies to monopolize. The Clayton Act of 1914 prohibits a number of specific anti-competitive practices, such as price-fixing, bid-rigging, and exclusive dealing. The Federal Trade Commission Act of 1914 created the Federal Trade Commission (FTC), which is the primary federal agency responsible for enforcing antitrust law.
The U.S. Department of Justice (DOJ) also plays a role in enforcing antitrust law. The DOJ can bring criminal charges against companies that engage in antitrust violations. The DOJ can also bring civil lawsuits against companies that engage in antitrust violations.
Antitrust law is a complex area of law. There are a number of factors that the courts consider when determining whether a practice is anti-competitive. These factors include the market power of the company, the barriers to entry into the market, and the impact of the practice on competition.
Antitrust law is an important tool for promoting competition in the marketplace. Competition benefits consumers by ensuring that they have access to a variety of products and services at competitive prices. Competition also encourages innovation.
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