Definition - What does Price Fixing mean?
Price fixing refers to an agreement between multiple competing businesses to set the prices of their products or services in a way that prevents competition in the market.
Price fixing doesn’t allow consumers to benefit from the price competition.
Justipedia explains Price Fixing
Price fixing clearly violates federal antitrust statutes. Price fixing may also include the favorable secret price setting between a manufacturer or distributors and the supplier. Price fixing in this case usually considerably lowers the chances of competition.
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