Compare and Contrast
Write a paragraph comparing and contrasting rockefeller’s standard oil and google relate it to antitrust laws
Here’s what you need to know about antitrust laws:
The Sherman Antitrust Act protects businesses from unlawful anticompetitive practices.
Section 1: Makes illegal all contracts or conspiracies to that aim at restraining trade among states and with foreign nations. This requires 2 or more persons so the joining together is the issue.
Section 2 : All persons who monopolize or attempt to monopolize or conspire to do so in regards to trade or commerce among states and foreign nations shall be found guilty of a felony. This deals with the structure of a monopoly already in place. This also deals with the misuse of power of a marketplace.
A monopoly is a single seller in a market or a limited number of sellers.
Monopoly power is the ability to dictate what takes place in a given market.
Market power is the ability to control market price of products.
Price-Fixing Agreement is the agreement between competitors to fix prices of products.
The Clayton Act prohibits price discrimination-charging competing buyers different prices for identical products or services.
Standard Oil versus Google
Regulation of the business sector often seeks to protect the public from possible exploitation by the businesses. This was particularly so in the later decades of the nineteenth century, in which case Rockefeller’s Standard oil used its extensive resources to muscle out competition and consequently acquire extensive control over other firms in the industry (Klein, 2011).