The purpose of this area is to promote competition, howsoever inefficient competition may affect the market.
Enforcement of these laws depend upon the attitude of the administration in power.
Sherman, and its amendments, seek to make the playing field "level."
Activities/Industries exempt from Sherman:
    1. Labor, but covered by the NLRA
    2. State action, if governmental in scope, but if "proprietary," it is subject to regulation
    3. Professional sports are subject to regulation, except some of baseball.
    4. Professional services-usually deemed local in scope.

Monopolies-Viewed as a danger to competition
    Subject to a five-part test:
        1. Product Market
        2. Geographical Market
        3. Market Power (not necessarily the same as market share)
        4. Intent
        5. Defenses

Mergers possess a "tendency to monopolize or restrain competition," thus violate Sherman or Clayton.
Horizontal Mergers-joining competitors on same level of distribution
Vertical Mergers- joining companies on different levels of distribution
Conglomerate Mergers-Unlike companies coming together

CHAPTER 11 ANTITRUST LAW-RESTRAINTS OF TRADE
Per Se violations v. Rule of Reason
Types of Restraints:
    1. Price Fixing
    2. Territorial Allocation
    3. Refusals to deal
    4. Non-price vertical restraints
    5. Tying arrangements
    6. Exclusive dealing and requirements contracts