There was the Sherman Act, the first of the anti-trust laws, which disallowed monopolies, and price fixing. to ensure the consumer a fair price by preventing one company from controlling an entire market, thereby insuring a particular product would need to be priced competitively. There was also the Interstate Commerce Act which prohibited the railroads from both price gouging and price discrimination, ie. charging more for smaller loads and shorter distances, which greatly affected small business like farmers, who couldn't afford to pay more for less, and big businesses were paying less for more. Sound familiar? This Act forced railroads to have one fair rate applying to everyone, and it must be posted for all to see.
Related Question in Business
- QUESTION 2 (20 MARKS) REQUIRED Use the information provided below to prepare the Statement of Changes in Equity for the year ended 28 February 2022. INFORMATION The information given below was extracted from the accounting records of Clairwood Traders, a partnership business with Claire and Woody as partners. Balances in the ledger as at 28 February 2022 Debit (R) Credit (R) Capital: Claire 500 000 Capital: Woody 400 000 Current a/c: Claire (01 March 2021) 100 000 Current a/c: Woody (01 March 2021) 40 000 Drawings: Claire 500 000 Drawings: Woody 300 000 The following must be considered: (a) The net profit for the financial year ended 28 February 2022 amounted to R900 000. (b) The partnership agreement makes provision for the following: ? Interest on capital must be provided at 15% per annum on the balances in the capital accounts. Note: Claire increased her capital by R100 000 on 01 September 2021. On the same date, Woody decreased his capital by R100 000. The capital changes have been recorded. ? The partners are entitled to the following monthly salaries: Claire R7 000 Woody R6 000 Note: The partners� salaries were increased by 12% with effect from 01 November 2021. ? Claire is entitled to a bonus equal to 80% of her salary for February 2022. ? Claire and Woody share the remaining profit or loss equally.