What constitutes a meeting of the minds for antitrust laws? Why is it important?
What will be an ideal response?
The statutes require that the parties agree and then commit an overt act in order to have an illegal restraint. A meeting of the minds may be shown through circumstantial evidence about the timing of any communication between the two parties and their subsequent actions.
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The major criticism of the lower of cost or market rule for valuation of inventory is that
A) holding losses are recognized, but holding gains are not. B) holding gains are recognized, but holding losses are not. C) the total difference between selling price and cost is usually recognized in the period of the sale. D) the conservatism principle is violated because of the use of the floor constraint.
Which of the following is an example of an investing activity?
a. Purchasing a building b. Obtaining a bank loan c. Paying taxes to the government d. Producing goods and services
Chen’s Floor Cleaners goes house to house to perform their floor cleaning services. What facility layout does this business use?
a. process b. product c. fixed-position d. cellular
The S-C-P concept enables a firm to do what?
a. Identify opportunities for a business, especially if it is planning to enter into an industry as a new player b. Help determine if an industry is attractive enough to remain competing in c. Gain competitive advantage by differentiating its products or services d. All of the above