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Antitrust Laws and Governmental Agencies for Enforcing Laws

Antitrust laws and the agencies involved in enforcing such acts seem to be confusing. Please outline, concisely, the basic acts or laws concerning antitrust, the specific governmental agencies in charge of enforcing each law, the limits of responsibility of these agencies, and your suggestions on simplifying the process.

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The Sherman Act was created in 1890 and serves as the first law that aims to preserve free and unfettered competition within the rules of trade. The Sherman Act does not prohibit ever single area concerning the restraint of trade, only those that are considered to be unreasonable. The violation of the Sherman Act can be civil or criminal and is prosecuted by the Department of Justice (DOJ). Prosecution usually takes place if there is a clear and intentional violation of the law and penalties can be up to $100 million for a corporation and $1 million for an individual to include up to ten years in prison. Federal law allows the fine to be increased a maximum of twice the amount of what the violator gained from the act or what was lost by the victims.

The Federal Trade Commission Act bans unfair methods of competition and also unfair or deceptive acts or ...

Solution Summary

This solution discusses the basic acts/laws concerning antitrust and the specific governmental agencies in charge of enforcing laws.