Question

Of the following laws, which one does not regulate market structures?

a.	Celler-Kefauver Act	b.	Clayton Act
c.	Sherman Antitrust Act	d.	The Corn Laws

Answer 1

(a) Celler-Kefauver Act:

The Celler-Kefauver Act was an anti-merger act passed by the U.S. Congress in 1950, to prevent mergers and acquisitions that could reduce competition that reformed and strengthened the Clayton Antitrust Act of 1914, which had amended the Sherman Antitrust Act of 1890.

(b) Clayton Act:

The Clayton Antitrust Act is a piece of legislation passed by the U.S. Congress in 1914. The Act defines unethical business practices, such as price fixing and monopolies, and upholds various rights of labor. The Federal Trade Commission (FTC) and the Antitrust Division of the U.S. Department of Justice (DOJ) enforce the provisions of the Clayton Antitrust Act, which continue to affect American business practices today.The goal of adding further substance to the U.S. antitrust law regime; the Clayton Act sought to prevent anti competitive practices in their incipiency. That regime started with the Sherman Antitrust Act of 1890, the first Federal law outlawing practices considered harmful to consumers (monopolies, cartels, and trusts). The Clayton Act specified particular prohibited conduct, the three-level enforcement scheme, the exemptions, and the remedial measures.

(c) Sherman Antitrust Act :

Sherman Antitrust Act, first legislation enacted by the U.S. Congress (1890) to curb concentrations of power that interfere with trade and reduce economic competition. It was named for U.S. Sen. John Sherman of Ohio, who was an expert on the regulation of commerce.

The Sherman Act broadly prohibits (1) anti-competitive agreements and (2) unilateral conduct that monopolizes or attempts to monopolize the relevant market. The Act authorizes the Department of Justice to bring suits to enjoin (i.e. prohibit) conduct violating the Act, and additionally authorizes private parties injured by conduct violating the Act to bring suits for treble damages (i.e. three times as much money in damages as the violation cost them).

(d) The Corn Laws:

The Corn Laws were tariffs and other trade restrictions on imported food and grain ("corn") enforced in the United Kingdom between 1815 and 1846. The word "corn" in British English denotes all cereal grains, such as wheat and barley. They were designed to keep grain prices high to favour domestic producers, and represented British mercantilism. The Corn Laws blocked the import of cheap grain, initially by simply forbidding importation below a set price, and later by imposing steep import duties, making it too expensive to import grain from abroad, even when food supplies were short.

The Corn Laws enhanced the profits and political power associated with land ownership. The laws raised food prices and the costs of living for the British public, and hampered the growth of other British economic sectors, such as manufacturing, by reducing the disposable income of the British public.

So, out of the options, (d) The Corn Laws is the law which doesn't regulate market structures.