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To set the price of a good or service, especially by the collusion of two or more companies. For example, two railroad companies may agree to set an artificially high price for train tickets. If these companies control a sufficient market share of railroads, then customers have no choice but to pay the high prices. In general, price fixing is illegal, but some governments, especially in developing economies, both allow and encourage the practice. Neo-liberal economists consider price fixing an inefficient practice, and in the United States it is a criminal offense under the Sherman Act. See also: Antitrust.
To set the price of a commodity. For example, commodity traders in London fix the price of gold on a daily basis.