What is the Sherman Act?

The video explains the Sherman Act of 1890, a significant federal law aimed at curbing anti-competitive behavior in the market. It highlights the historical context of monopolies in industries like rail, steel, and oil. The Act prohibits two main types of conduct: contracts, combinations, or conspiracies in restraint of trade, and the acquisition or attempt to create monopolies. The video also touches on the common law interpretations of these prohibitions and mentions that further videos will explore specific conduct under these categories.

What was the primary goal of the Sherman Act of 1890?

• To regulate labor unions

• To promote international trade

• To support small businesses

• To curb anti-competitive behavior in the market

Which industries were primarily affected by monopolies at the time of the Sherman Act's passage?

• Banking and finance

• Textile and agriculture

• Rail, steel, and oil

• Technology and telecommunications

What does the Sherman Act prohibit in terms of trade?

• Contracts, combinations, or conspiracies that restrain trade

• All forms of business partnerships

• International trade agreements

• Government regulations on trade

How does the Sherman Act address the issue of monopolies?

• By regulating international trade

• By supporting monopolistic practices

• By prohibiting the acquisition of monopolies or attempts to create monopoly power

• By encouraging mergers

Can a single individual be responsible for creating a monopoly under the Sherman Act?

• Only in international markets

• No, it requires a group effort

• Yes, a single individual can create a monopoly

• Only if they are part of a corporation