George Eastman founded the Eastman Kodak Company in 1888 and pioneered the photography industry with new technology that would help bring photography to the mainstream. After its inception, Kodak created what many called a "monopoly" in the photography industry. In both 1921 and 1954 the company faced a consent decree imposed by the US government which concluded that Kodak monopolized the market in violation of the Sherman Act (the first and oldest of all US federal antitrust laws). Kodak established the 1921 decree and agreed to be bound by restrictions. The Company was prohibited from preventing dealers from freely selling goods produced by competitors. On the other hand, the 1954 decree prevented Kodak from selling a package that included color film and photo finishing, among other restrictions. This tied product agreement is an agreement by one party to sell a product under the condition that the buyer also purchases a different (or matching) product, or at least agrees not to purchase that product from any other supplier. In this case, Kodak sold the photographic film by conditioning the buyer to also purchase the photo finish product (because it was included in the price). Both decrees had evidence to support the high market power that Kodak had at the time, which both cases were based on. The conventional definition of market power is usually expressed as "the power to raise prices". A company with market power has some discretion in setting its own price. Others may define market power as the power to force a buyer to do something that he would not do in a competitive market, and have typically inferred the existence of such power from the seller's possession of a predominant share of the market (Eastman Kodak c. Technical image services, 1992). Market power could also be defined as the power to profitably raise or maintain the price above the competitive reference price. The competitive parameter is the price that would prevail in the absence of the alleged anti-competitive conduct. This reference price often differs from both the current price and the perfectly competitive price (Salop, Steven C, 1999). In economics, market power is the ability of a company to alter the market price of a good or service (Wikipedia). A firm with market power can raise prices without losing all customers to competitors.