Answered

What is price-fixing?

A. When consumers stop buying a good because the price is too high

B. When lawyers meet with business owners to set prices and shipping costs

C. When the government controls the prices of goods and services

D. When different companies agree to charge the same price for products



Answer :

GinnyAnswer

Final answer:

Price-fixing is when firms collude to set prices and limit competition, leading to higher prices and reduced options for consumers.


Explanation:

Price-fixing is a form of collusive behavior where a group of firms agree to set prices and restrict competition, typically resulting in consumers paying higher prices and limited choices. One famous example is the Great Electrical Conspiracy involving GE and Westinghouse, where they fixed turbine prices using tactics like designating winners based on the moon phase. Price-fixing can lead to legal consequences such as fines and jail time for involved executives.


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