As we all know, the most exciting part of seeing a movie is the trailers of upcoming movies before the actual film (note, this is coming from an American point of view, I am uncertain if this occurs in theatres everywhere).
However, there doesn't seem to be much of a forethought given to what trailers are shown, besides making sure big movie trailers are shown before other big movies. For instance, the idea of seeing a Dark Knight Rises trailer before Avengers (two different production companies, let alone two rival comic book companies) doesn't seem to make much sense to me.
Is there a strict guideline trailers are released controlled by the MPAA or do the theatres have free run of what to show?