Question

You and the other shoe store owners decide to fix your shoe prices at $60 a pair in order to maximize your profits. This is called _____.
a market price
competition
collusion

Answer 1

You and the other shoe store owners decide to fix your shoe prices at $60 a pair in order to maximize your profits. This is called collusion .

Answer 2

Is called collusion

It's actually price collusion to be precise ( not to be mistaken for the crime collusion)

Often time, to attract customers, sellers will offer a lower price than their competitor. Though it may attract more customer, it will lower their profit.

In price collusion, all sellers is guaranteed to have same product price and profit margin, creating a perfect competition market for that product