Definition, Meaning & Synonyms
price-fixing
noun
/praɪs ˈfɪksɪŋ/
Definition
Price-fixing refers to an agreement between competitors to set prices at a certain level, rather than allowing prices to be determined by the free market.
Examples
- The company was accused of price-fixing after several competitors were found to be coordinating their prices.
- Price-fixing can result in legal action and heavy fines for the companies involved.
- The government has strict laws against price-fixing to protect consumers.
Meaning
It is a practice where companies agree on the prices of goods or services, which can lead to higher costs for consumers.
Synonyms
- price collusion
- price manipulation
- price coordination
