Explain the overall purposes of the Sherman Antitrust Act, the Clayton Act, and the Robinson-Patman Act. How do each of these Acts relate to each other?
The Sherman Antitrust Act was created in 1890, primarily in response to Standard Oil's monopoly of the oil industry and the increasing influence of major railroad companies. The Sherman Act was very broadly worded and prohibits all agreements in restraint of trade. Section 2 of the Sherman Act makes it illegal to monopolize or attempt to monopolize a market.
In 1914, Congress passed the Clayton Act to clarify and strengthen the intent of the Sherman Act. The Clayton Act prohibits anticompetitive mergers, tying agreements, and exclusive dealing agreements.
Congress created the Robinson-Patman Act in 1936 as an amendment to the Clayton Act. The Robinson-Patman Act makes it illegal to charge different prices to different customers if the items are the same and the price discrimination lessens competition. Suppliers are allowed to charge different prices for the same goods if the costs of servicing the buyer are lower (i.e., selling a large quantity to one buyer) or if the supplier is simply meeting competition.
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How often does the PCAOB inspect registered accounting firms that audit fewer than 100 issuers?
a. Annually b. Every two years. c. Every three years. d. Every five years.
In 2018, the number of online buyers in the United States was over 190 million.
Answer the following statement true (T) or false (F)
In a common size income statement, the 100% figure is
A) net cost of goods sold. B) net income. C) gross profit. D) net sales.
A compromising negotiation style is a competitive approach to reaching an agreement
Indicate whether the statement is true or false.