Chapter 24.2

What is price discrimination?

• The act of charging less than one price for the same product or service in different markets/customers

• The act of charging more than one price for the same product or service in different markets/customers

• The act of charging one price for the same product or service in different markets/customers

What is Fair Packaging and Label Act?

• Requires that manufacturers’ labels truthfully list all ingredients and raw materials used in production

• Requires that manufacturers’ labels list must only include the proper size and weight of the contents of the product

• Requires that manufacturers’ labels list must truthfully list the name and place of the manufacturer, packer, or distributor

A warranty that is explicitly stated in writing or verbally

• Full warranty

• Express warrant

• Limited warranty

A warranty that covers only certain parts of the product or requires the customer to bear some of the expense in case repairs are needed

• Full warranty

• Express warranty

• Limit warrant

A warranty that is a guarantee about the quality of goods or services

• Full warranty

• Express warranty

• Limited warranty

A warranty that is a guarantee about the quality of goods or services

• Clayton Act of 1914 and Robinson Patman Act of 1936

• The Fair Packaging and Labeling Act

• Consumer Credit Protection Act

Requires that manufacturers label truthfully list all ingredients and raw materials used in production

• Clayton Act of 1914 and Robinson Patman Act of 1936

• The Fair Packaging and Labeling Act

• Consumer Credit Protection Act

Aimed at prohibiting price discrimination

• Clayton Act of 1914 and Robinson Patman Act of 1936

• The Fair Packaging and Labeling Act

• Consumer Credit Protection Act

A group of laws that regulate commercial business transactions _____ ______________

A promise or guarantee given to a customer that a product will meet certain standards ________