Privity of contract is a principle that holds that a contract can only affect the immediate parties to it.

The case in the text,Federal Trade Commission v.Ross,is in example of:

A) an adjudicative proceeding under Section 5 of the FTC Act.
B) a consent order entered into by the parties.
C) disobeying an advisory opinion.
D) the FTC's decision to litigate in court rather than by way of an adjudicative proceeding.

Which of the following is not a condition that favours the success of vertical integration?

A) availability of capital
B) availability of managerial talent
C) required demand
D) small market share
E) the ability to operate an acquired vendor

Power distance dimension refers to the "power inequality" between superiors and subordinates. Which of the following countries probably ranks high on the power distance scale?

A) Saudi Arabia
B) Austria
C) England
D) Denmark
E) Sweden

If the market for smartphones is initially in equilibrium at a price of $250 and consumption is reallocated so that Amanda,who values a phone at $300,is required to give it to Brent,who values a phone at $225,total surplus in the smartphone market will increase.