Answer Happy

Independent Products Co. controls 90 percent of the product market in its geographic market, because of the high quality of its products. Consumers are willing to pay more for Independent's products even though competitors offer similar products at substantially lower prices. If a competitor alleged that Independent was being monopolistic under Section 2 of the Sherman Act, which of the following statements is true? The competitor's case would fail unless it could show intent on the part of Independent to monopolize the market. The competitor's case would fail because a monopoly is defined as a firm having no competition. The competitor's case would succeed because Independent controls 90 percent of the market. The competitor's case would succeed because Independent has attained both market power and overwhelming market share. Question 14 3 pts Lynchburg Oil Company has a contract with Appomattox Gas Stations that requires Appomattox to buy all of its oil and petroleum products from Lynchburg only. This is an example of a(n) vertical price-fixing arrangement. tying arrangement. market division contract. exclusive dealing contract.