Fair Trade Laws
Definition - What does Fair Trade Laws mean?
Fair trade laws refer to a practice called "price maintenance." This practice allows manufacturers and producers of goods to set the minimum amount or rate for the resale of their product. These laws have been repealed by many states.
Justipedia explains Fair Trade Laws
Fair trade laws aim to protect small businesses from the competition of very large players. This helps to some extent, but the main objection is because the consumers pay more when producers are allowed to set a minimum price tag on the retail.
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