The decline in merger activity has not led to long vacations at the Federal Trade Commission.1 When the administrations changed and, Timothy Muris replaced Robert Pitofsky as FTC chairman, Muris repeatedly claimed that any changes in antitrust enforcement would be at the margins. "Change at the margins" has turned into filling every bit of space on the page, as the FTC has been more active – especially in challenging alleged anticompetitive conduct – than at any time in the past 20 years.2 There are now several cases pending decision before the full FTC, one pending ALJ decision, and two more pending administrative trial. The FTC’s decisions in these cases, and in some recent consent orders, will provide new guidance on antitrust limitations on business activity in at least four areas:
