The Antitrust Legislation That Declares Illegal "Unfair Methods of Competition

question 25

Multiple Choice

The antitrust legislation that declares illegal "unfair methods of competition in commerce" is

• A)the Sherman Act.
• B)the Clayton Act.
• C)the Federal Trade Commission Act.
• D)the Robinson-Patman Act.

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Definitions:

Revenues

The total income generated by a company or organization from its activities, before any expenses are subtracted.

Economic Profit

The difference between the total revenues received by a business and the total opportunity costs of all resources used in the production.

Accounting Profit

The net income of a business as calculated by subtracting total expenses from total revenues, according to standard accounting practices.

Savings

Money that is not spent and is set aside for future use, often in a bank account or other financial instrument.