Problem 1 What are the two main U.S antitrust laws? What are the three main types of antitrust violations, as identified in those laws? Which U.S Federal agencies bear the responsibility for enforcing the antitrust laws? Do the statues or do antitrust cases themselves determine the effective content of the antitrust laws- and why? Problem 2 What is the main economic argument for being skeptical regarding the stability of price-fixing agreements? What economic arguments have been made to suggest that price-fixing agreements could be stable? Why might a “Rule of Reason” approach be better than a per se approach in a price-fixing case? What is the economic rationale for having treble damage awards in antitrust cases, including price-fixing cases? Problem 3 Twice in the last 20 years, Staples has tried to acquire Office Depot, and twice the Federal Trade Commission has intervened. If this were a “coordinated effects” merger case, what would be the theory of harm? How does that theory of harm justify the market definition procedure set out in the Horizontal Merger Guidelines? What data would you look for to see if the relevant is market is one in which the merger would likely lead to harms under a “coordinated effects” story? Problem 4 Suppose instead that the Staple/Office Depot merger was treated as a “unilateral effects” case. What would be the theory of harm? Why does that theory of harm justify attention to “upward pricing pressure” and the “diversion ratio”? What data would you look at to see if the harm from this merger would be significant? Even though this is a unilateral effects case, why might market definition still be useful? Problem 5 For monopolization cases: Why have some economists been concerned that prosecuting monopolization cases might “chill” conduct that benefits consumers, even if it hurts competitors?
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