Question

The Robinson-Patman Act basically requires that suppliers:

1) must sell the same item, in the same quantity, to all customers at the same price.
2) not talk with competitors about price.
3) cannot meet to set the terms and conditions under which they will sell.
4) meet competition, by adjusting price.
5) use standard grade descriptions in advertising products.

Answer 1

The Robinson-Patman Act is a federal law in the United States that prevents unfair price discrimination. It requires suppliers to adjust prices to meet competition and prohibits preferential pricing that harms competition.

Step-by-step explanation:

The Robinson-Patman Act is a federal law in the United States that aims to prevent unfair price discrimination that harms competition. While the Act does not require suppliers to sell the same item, in the same quantity, to all customers at the same price, it prohibits suppliers from giving preferential pricing to certain customers if it negatively impacts competition. In essence, the Act requires suppliers to meet competition by adjusting prices when necessary.