In Freeman v. San Diego Assn. of Realtors, most of the real estate Multiple Listing Services joined together to provide their service to real estate agents. The association charged all realtors the same price. When challenged as price fixing, the appeals court held that this:
a. was per se illegal price fixing
b. was illegal price fixing under a rule of reason analysis
c. did not violate the antitrust laws because the quality of service rose and the price fell
d. did not violate the antitrust laws because most consumers of the service preferred the new arrangement, so there was a net improvement
e. none of the other choices
a
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Under the Foreign Corrupt Practices Act, it is legal for any American firm to offer gifts of anything of value to foreign officials.
Answer the following statement true (T) or false (F)
Which of the following statements is not true?
A) Loss contingencies should be disclosed if there is just a reasonable possibility of a loss. B) Indirect guarantees should normally be disclosed by footnote, not by accrual. C) In the case of loss contingencies, accrual can be made even if the exact payee and payment date are not known. D) Losses may be accrued for unasserted claims and other potential unfiled lawsuits.
The income statement does not report
a. revenues; b. expenses; c. withdrawals; d. net income; e. net loss
The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash$4800? Accounts Receivable$1800? Dividends 2400? Common Stock 2875? Land 2700? Revenue 2700? Accounts Payable 1400? Expense 1500? Retained earnings 6225? After closing, what is the balance of the Retained Earnings account on December 31, Year 1?
A. $3825. B. $6225. C. $7500. D. $5025.