FISCAL LAW FINAL EXAM
COMPREHENSIVE SCRIPT QUESTIONS
WITH SOLUTIONS GRADED A
◉ What are the elements a plaintiff must prove to win a
monopolization lawsuit? Answer: 1) The defendant possesses
monopoly power in the relevant market; 2) The defendant has
willfully acquired or maintained that power; 3) The defendant's
conduct has harmed competition.
◉ What is the goal of Checks and Balances? Answer: To prevent any
one branch of government from becoming too powerful.
◉ What is the priority (hierarchy) of law? Answer: The order of
authority among different types of laws, with the Constitution at the
top, followed by statutes, regulations, and case law.
◉ What is a class action lawsuit? Answer: A legal action where a
group of people with common claims against a defendant can sue
collectively.
◉ What is required to certify a class action? Answer: Commonality
among plaintiffs, impracticability of individual lawsuits, typical
claims/defenses, and adequate representation of the class.
, ◉ What is arbitration? Answer: A method of dispute resolution
where an independent third party makes a binding decision.
◉ What is Proximate Cause? Answer: A legal concept that
establishes a direct link between a defendant's actions and the
plaintiff's injury.
◉ What is monopoly power? Answer: Monopoly power is the ability
of a firm to control the market price of a product or service, typically
due to a lack of competition.
◉ What is a willful act of monopolizing? Answer: A willful act of
monopolizing refers to intentional actions taken by a company to
establish or maintain monopoly power in a market.
◉ What are the four types of intellectual property protected by law?
Answer: The four types of intellectual property are trade secrets,
patents, copyrights, and trademarks.
◉ What is copyright? Answer: Copyright is a legal right that grants
the creator of original works exclusive rights to their use and
distribution, typically for a limited time.
COMPREHENSIVE SCRIPT QUESTIONS
WITH SOLUTIONS GRADED A
◉ What are the elements a plaintiff must prove to win a
monopolization lawsuit? Answer: 1) The defendant possesses
monopoly power in the relevant market; 2) The defendant has
willfully acquired or maintained that power; 3) The defendant's
conduct has harmed competition.
◉ What is the goal of Checks and Balances? Answer: To prevent any
one branch of government from becoming too powerful.
◉ What is the priority (hierarchy) of law? Answer: The order of
authority among different types of laws, with the Constitution at the
top, followed by statutes, regulations, and case law.
◉ What is a class action lawsuit? Answer: A legal action where a
group of people with common claims against a defendant can sue
collectively.
◉ What is required to certify a class action? Answer: Commonality
among plaintiffs, impracticability of individual lawsuits, typical
claims/defenses, and adequate representation of the class.
, ◉ What is arbitration? Answer: A method of dispute resolution
where an independent third party makes a binding decision.
◉ What is Proximate Cause? Answer: A legal concept that
establishes a direct link between a defendant's actions and the
plaintiff's injury.
◉ What is monopoly power? Answer: Monopoly power is the ability
of a firm to control the market price of a product or service, typically
due to a lack of competition.
◉ What is a willful act of monopolizing? Answer: A willful act of
monopolizing refers to intentional actions taken by a company to
establish or maintain monopoly power in a market.
◉ What are the four types of intellectual property protected by law?
Answer: The four types of intellectual property are trade secrets,
patents, copyrights, and trademarks.
◉ What is copyright? Answer: Copyright is a legal right that grants
the creator of original works exclusive rights to their use and
distribution, typically for a limited time.
