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Paywall Videos video from Remilon","preloadPreference":null,"flashPlayerUrl":"http://embed.wistia.com/flash/embed_player_v2.0.swf?2015-02-27","showAbout":true,"createdAt":1466754953,"firstEmbedForAccount":false,"firstShareForAccount":false,"stats":{"loadCount":1346,"playCount":208,"uniqueLoadCount":1154,"uniquePlayCount":172,"averageEngagement":0.247779},"trackingTransmitInterval":20,"playerPreference":"auto","integrations":{},"captions":[{"language":"eng","text":"The Sherman Anti-Trust Act of 1890 was enacted to disband monopolies and cartels\n\nto prevent unfair competition. The purpose of the act was to ensure that all businesses\n\nthat engage in interstate commerce retain their right to fair competition. The Sherman\n\nAnti-Trust Act Section 1 states 'no company may engage in interstate commerce with the\n\nintention to scheme between competitors to level the competition or gain market control.'\n\nSaid a different way, it is illegal to unreasonably restrain trade amongst competitors, and\n\nthese agreements can be either horizontal or vertical. A horizontal agreement is made between\n\ncompeting businesses to manipulate competition amongst all competitors in the marketplace.\n\nIn contrast, a vertical agreement is made between a seller and a buyer in where a retailer\n\ncan buy products from one manufacturer but in the agreement is restricted from buying from\n\na competing manufacturer. Here are some examples of both types of agreements: * Price fixing\n\nMarket allocations * Boycotts * Tying agreements * Monopolies Price fixing is a horizontal\n\nagreement involving competitors conspiring to raise, decrease, fix or stabilize prices in\n\na specific market. It sounds confusing, but it is really quite simple. Companies who intentionally\n\nengage in price fixing do so primarily to manipulate prices to cause an unfair advantage.\n\nThis price manipulation creates a situation where, in many cases, competitors set same prices\n\non their products and it negatively affects others in the marketplace. For example, Stone's\n\nFilling Station is located on the eastbound side of Route 1, and Hillbilly Millie's Gas and Go\n\nis located on the westbound side of the same highway. Both Stone and Millie may set the\n\nset the same price of $1.68 per gallon. There is nothing illegal about it. However,\n\nif one can prove that the owners made the decision to sell at the exact same price in order\n\nto affect the natural market fluctuation that results from supply and demand, it would be\n\nillegal. Both Stone and Millie know that there is going to be a big concert in town. People\n\nwill be traveling from the east and west to arrive at the destination. The destination, coincidentally,\n\nonly has two filling stations: one owned by Millie and one by Stone. There is no other place\n\nto get gas for up to at least 100 miles in either direction. If Millie and Stone conspire\n\nto raise gas prices to $3.98 per gallon, they are messing\n\nwith the natural ebb and flow of supply and demand. In other words, customers may need to\n\nfill up when they arrive or before they leave the concert. They are given no choice but to\n\nto pay a gouged, or unfairly inflated price, for their fuel. Market allocations are also horizontal\n\nagreements and happen when competing companies choose specific territories to sell products\n\nand neither company sells to the other company's customers. What makes this arrangement\n\nillegal is it creates a monopoly for each territory. Let's see if we can break this down.\n\nSuppose there were only two manufacturers of office copy machines, Conglom Copier Co. and\n\nand Comp-U-Copiers, Inc. and both make very similar products. If the two companies decide\n\nto split the country into two, say north and south, with Conglom selling copiers to the lower\n\nstates and Comp-U-Copiers selling to the upper states, they will create a monopoly in where\n\nthe businesses in their territory have only one choice, which is to buy from the company\n\nthat sells exclusively in their location. With this type of illegal agreement between the two\n\ncompanies, they have the ability to fix prices to whatever they desire because the businesses\n\nthat need to buy from them have no choice. Boycotts are illegal vertical agreements between\n\na group of businesses to stop using a company's product or services in order to negatively\n\naffect their ability to compete in a market. Don't get me wrong. A business has every right\n\nto choose whom to do business with. There is nothing illegal about making prudent product\n\nchoices. It becomes illegal when it is a concerted and deliberate group effort to kick one\n\ncompany to the curb. Let's say We Care Insurance Company decides to increase their payouts\n\nto doctors in a certain territory only if they accept their insurance exclusively. We Care\n\nInsurance may contact all of the doctors in the area to tell them about the new payment\n\nschedule. Since most doctors take several insurances, there is built-in competition. However,\n\nby making an attractive offer to several hundred doctors in one region, it could wipe out\n\nbusiness for all other insurance carriers. On a side note, it would be awfully inconvenient\n\nfor patients who do not subscribe to We Care as well. Tying agreements are vertical agreements\n\nwhere a manufacturer sells a product and the necessary complementary products needed to use\n\nthe tying product and forces the customer to buy all complementary products exclusively\n\nfrom the manufacturer. Let's use Conglom Copier Co. Suppose Conglom sells several hundred\n\ncopiers to a major law firm. In the agreement to purchase the copiers at a specific price,\n\nthey require that the law firm also purchase paper from Conglom exclusively. In other words,\n\nregardless of whether paper is available at an office supply wholesaler for less money,\n\nthe law firm must only purchase paper from Conglom. This creates market domination\n\nfor Conglom on the sale of copiers and paper. Competing copy paper sellers cannot sell to those\n\nwho purchased copiers from Conglom. Of the horizontal and vertical agreements we reviewed,\n\nmonopolies are probably the most dangerous. They involve one or very few companies who dominate\n\na particular market, leaving no room for others to compete. This domination could be market-based\n\nor even product-based. Keep in mind, exclusive rights to sell in a specific venue is\n\nnot really a monopoly. For example, a ballpark may only sell a certain brand hot dog. Other\n\nhot dog companies cannot say that they are being forced out of a market because a stadium\n\nhas a right to choose one brand over another. Where it gets a little sketchy is when\n\nonly one company has a stranglehold on the market. Way back before cars, trucks and airplanes\n\nwere in full swing, stuff was transported far distances using the railways. Because the railroad\n\nwas the only way to get things from one place to another, they held the market share as\n\ntransportation providers. If a company needed to get their lumber from Florida to Tennessee\n\nthe rail was the only way to make the delivery. With this kind of control over the transportation\n\nof goods, railroad owners, and there were few, could charge any price they desired. Businesses\n\nin need of their services were left with few options but to pay or to not have their products\n\nhauled. As other modes of transportation became available, this monopoly was disbanded. However,\n\nfor products that are not easily transported by other means, like gravel, sand, cars or livestock,\n\nit still in a way represents a small monopoly. The way the courts analyze whether\n\na vertical or horizontal agreement exists is by using the rule of reason. It is a doctrine\n\nthat looks at a few things to determine whether the trade restraints have had or will have\n\nnegative effect on competition, like: * Proof of a naked restraint where limitations were\n\nor will be placed on competitors attempting to enter into a marketplace, like price fixing, proof that\n\nthe restraints were or will be in place and proof that the restraints have or will create\n\nmarket domination for one or a few companies Once the rule of reason is applied, a court can\n\ndecide whether the trade restrains actually do create unfair competition.\n\nIn sum,The Sherman Anti-Trust Act of 1890 was enacted to disband monopolies and cartels to prevent\n\nunfair competition. Section 1 states 'no company may engage in interstate commerce with\n\nthe intention to scheme between competitors to level the competition or gain market control.'\n\nThere are two types of illegal agreements. Horizontal agreement is made between competing\n\nbusinesses to manipulate competition, and a vertical agreement is made between a seller\n\nand a buyer where a retailer can buy products from a manufacturer, but in the agreement\n\nis restricted from buying from a competing manufacturer. Examples include price fixing, market\n\nallocations, boycotts, tying agreements and monopolies. The courts use the rule of reason\n\nto determine whether the trade restraints have had or will have a negative effect on competition,\n\nThe doctrine looks for proof of a naked restraint where limitations were or will be placed\n\non competitors attempting to enter into a marketplace, like price fixing, proof that the\n\nrestraints were or will be in place and proof that the restraints have or will create market\n\ndomination for one or a few companies. The analysis of facts will sort out whether a true\n\nviolation of the Sherman Anti-Trust Act exists."}],"hls_enabled":true,"embed_options":{"volumeControl":"true","fullscreenButton":"true","controlsVisibleOnLoad":"true","playerColor":"7b796a","bpbTime":"false","googleAnalytics":true,"videoQuality":"","vulcan":"false","plugin":{"captions-v1":{"onByDefault":"false"}}}},"options":{}})