There Were Three Important Changes to the Law Introduced by the Competition

question 22

Multiple Choice

There were three important changes to the law introduced by the Competition Policy Reform Act 1995 (Cth) .Which of the following is not one of them?

• A)It extended the scope of the Trade Practices Act 1974 (Cth) to all Australian businesses and professions.
• B)It merged the Trade Practices Commission and the Prices Surveillance Authority to form the Australian Competition and Consumer Commission.
• C)It established an access regime to allow third parties access to essential facilities.
• D)It set up the office of the Consumer Ombudsman.

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Definitions:

Direct Costs

Expenses that can be directly attributed to the production of specific goods or services, such as raw materials and direct labor.

Liability Insurance

An insurance policy that provides protection against claims resulting from injuries and damage to people and/or property.

Merchandising Firm

A business that purchases finished goods for resale, making profit through the markup of those goods.

Period Costs

Costs that are taken directly to the income statement as expenses in the period in which they are incurred or accrued.