Question

Price fixing is: Group of answer choices the practice of charging a very low price for a product with the intent of driving competitors out of business. a seller's requirement that the purchaser of one product also buy another product in the line. an arrangement a manufacturer makes with a reseller to handle only its products and not those of a competitor. a conspiracy among firms to set prices for a product. the practice of charging different prices to different buyers for goods of like grade and quality.

Answer 1

Answer:

A conspiracy among firms to set prices for a product.

Explanation:

Price fixing can be defined as a process whereby companies make an agreement to sell a product at a particular price. It can also be described as an agreement between competitors on the lowest or highest amount a particular product will be sold in the market.

Price fixing controls the market price thereby preventing other new businesses from competing in the market. Price fixing is illegal, it leads to an increase in the amount of goods and services.