Mrs F Hanks (Faculty of Law) Microeconomics 316-313 or equivalent. Students may enrol in this subject only with the consent of both Professor Brunt and the Head of the Department of Economics. First semester 12 x 2-hour seminars. On completion of this subject students should:

• understand the structure of the Trade Practices Act and the interaction between the various restrictive trade practices provisions;
• be able to construe each restrictive trade practice section of the Trade Practices Act in terms of its mixed economic - legal content;
• have an understanding of relevant economic concepts such as 'markets', 'market power', 'competition', 'barriers to entry', 'economic efficiency';
• develop the ability to analyse and appraise the reasoning of the courts in leading cases;
• understand how court procedures and the laws of evidence shape the outcome of litigation, and the development and efficacy of the law;
• develop the ability to identify in actual forms of business conduct practices that are prohibited or suspect;
• understand the policy objectives in legislating to control various categories of restrictive trade practices such as 'price-fixing', 'misuse of market power', mergers for 'market dominance' and 'exclusive dealing';
• be aware of the analytical circumstances in which restrictive practices, and market power, promote the public interest and how to identify those circumstances in practice;
• develop a critical appreciation of the structure of penalties and remedies for breaches of the Act;
• understand the significance of the Closer Economic Relationship with New Zealand for Australian trade practices law;
• be familiar with the leading US and EEC cases and commentaries that impact upon the development of our law or offer alternative approaches.

A study of depth of those parts of the Trade Practices Act 1974 (Cth) that relate to restrictive trade practices. This is an interdisciplinary seminar which aims to integrate the relevant law of economics and to highlight important issues of business policy. Topics will include price fixing and other collusive agreements, misuse of market power, mergers, resale price maintenance, exclusive dealing, authorisation and exemption, enforcement and remedies. These are issues raised by most legislation to control monopolies and restrictive practices, and the course aims to develop analytic skills which will be of continuing relevance whatever the amendments to the law. Reference will be made to the C. E. R. Agreements and to the New Zealand Commerce Act and cases. A written report of 1,500 words on an approved topic (40 per cent); take-home examination (60 per cent). Seminar participation (20 per cent). A quota applies to this subject.