Distinguish monopolies from anti-trust violations
What will be an ideal response?
• A monopoly occurs when an individual or business seeks to avoid competition by unfair trade practices that seek to "hog" the market. The public suffers when competition dies because the monopolizer is free to set prices without market influences or fair competition. It is not important how or why a monopoly develops. Intent is not a consideration. Acts and the desired effect (elimination of competition) are enough to violate laws against monopolies.
• Anti-trust violations occur when businesses combine to avoid competition through price-fixing and other acts (such as agreeing to control supply, as OPEC does with foreign oil).
Again, intent is not a determining factor. Intentional acts and the desired effect (e.g., illegal price-fixing among companies in the same field) are enough to violate anti-trust laws.
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