What are antitrust laws? Laws governing the management of state-owned enterprises. Laws meant to protect businesses from unfair treatment from consumers. Laws meant to eliminate collusion and promote competition among firms. Legislation enacted to prevent the encroachment of government into the private sector. Correctly identify the first antitrust law and its purpose.

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Business

Paloma Bowman

13 August, 05:40

What are antitrust laws? Laws governing the management of state-owned enterprises. Laws meant to protect businesses from unfair treatment from consumers. Laws meant to eliminate collusion and promote competition among firms. Legislation enacted to prevent the encroachment of government into the private sector. Correctly identify the first antitrust law and its purpose.

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Hershey · Answer 1

Anti trust law is : Laws meant to eliminate collusion and promote competition among firms.

The first antitrust law is Sherman Antitrust Act and its purpose is to outlaw trusts, monopolies and cartels which the aim to increase economic competitiveness.

Explanation:

Anti trust law includes a wide range of state and federal laws that making sure Businesses are competing fairly by upholding market competitiveness and by prohibiting pre-fixed pricing by big players in a certain market, trust, cartel or monopolies.

The first Antitrust laws passed is known as Sherman Antitrust Act in 1890. This legal measures was passed by the US Congress at the time to prohibit the formation of trust following some trusts formation in major industries had been destroying the market competitiveness for quite a long time (E. g: Standard Oil Trust formation in 1882 in Oil Industry).