When Lofonift Inc. introduced its flagship MP3 player, it captured the market by offering the product at a very low price. This gradually forced many of its competitors out of business. Once its competitors were out of business, Lofonift Inc. raised the price. In this scenario, Lofonift Inc. most likely indulged in _____.
A. predatory pricing
B. price discrimination
C. status quo pricing
D. price fixing
Answer: A
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The journal entry to record the issuance of a note for the purpose of converting an existing account payable wouldbe
a. debit Cash; credit Accounts Payable b. debit Accounts Payable; credit Cash c. debit Cash; credit Notes Payable d. debit Accounts Payable; credit Notes Payable
The Equal Pay Act is concerned with ______ discrimination.
A. gender B. race C. disability D. age
Costs of tangible personal business property which are expensed under Sec. 179 are subject to recapture if the property is converted to nonbusiness use before the end of the MACRS recovery period.
Answer the following statement true (T) or false (F)
The sole issue addressed in the Fair Labor Standards Act is child labor
Indicate whether the statement is true or false