price fixing

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Price Fixing

A practice whereby all competitors in an industry agree to charge the same price for their competing products. Price fixing deprives consumers of the fair market price for the products because the fixers can simply raise and lower prices at will. Most economists (with objectivists being a major exception) believe price fixing to be anti-competitive, thus they oppose it. In the United States, price fixing is illegal under the Sherman Anti-Trust Act. See also: Monopoly, Duopoly.

price fixing

the establishment of a common PRICE for a good or service by a group of suppliers acting together, as opposed to each supplier setting his own price independently. Price fixing is often a feature of an unregulated OLIGOPOLY market. See ANTICOMPETITIVE PRACTICE, RESTRICTIVE TRADE AGREEMENT, COLLUSION, CARTEL, ADMINISTERED PRICE.

price fixing

An agreement among competitors to charge roughly the same price as each other, denying consumers a meaningful choice in the marketplace. The practice is illegal under the Sherman Antitrust Act.In the real estate area,the most famous application of this principle has to do with real estate commissions and the complaint that local REALTOR® association members agreed to all charge the same rate. It is the reason for the disclaimer that appears on most real estate company form listing contracts and purchase contracts,“The commission is negotiated among the parties and is not set by... .“

References in periodicals archive ?
While these amounts fall well short of the post-1992 legislated maximum for an individual of $500 000, their level should provide a warning to executives who might have to face the prospect of paying such amounts (in addition to legal costs) out of their own pockets if they are caught in a price-fixing conspiracy.
(44) However, even these numbers may downplay the significance and stability of price-fixing conspiracies because many cartels that appear to fail--including those in Swedish beer, railroad oil, tea, potash, and sugar often learn from their early failures and go on to create stable cartels in the long run.
But the Magpies boss now has even bigger problems on his hands, since his company Sports Direct became the centre of a price-fixing fraud investigation.
Price-fixing agreements between manufacturers and retailers about minimum prices are prohibited.
For most of the first half of the twentieth century, price-fixing cartels controlled international trade in important commodities, from steel and aluminum to coffee and sugar.
KARACHI -- Sindh's sugar cane representative bodies, Sindh Abadgar Board and Sindh Chamber of Agriculture, Wednesday called off their strike scheduled for December 04 after the announcement of price-fixing of Rs182 of sugar cane by the Sindh government.
is denying allegations that it is price-fixing rates for iPhones in Russia.
Auto Business News-April 24, 2015--China fines Mercedes-Benz for price-fixing
London, June 19 ( ANI ): Apple has decided to go for an out-of-court settlement in an e-book price-fixing case.
Canadian court fined LATAM Airlines after the carrier admitted taking part in an air cargo price-fixing A Canadian court fined LATAM Airlines CAD$975,000 (USD$938,000) after the carrier admitted taking part in an air cargo price-fixing cartel, Canada's Competition Bureau said.
Other companies accused in the price-fixing scheme include Sumitomo Electric Industries and Yazaki Corp.