price collusion
Quick Summary
Collusion is a secret agreement between parties for a fraudulent, deceitful, or illegal purpose. A common illegal form of collusion is price-fixing, where competitors agree to set prices, rather than letting market forces determine them. This can involve agreeing on price schedules, setting minimum or maximum prices, or standardizing terms of sale. Bid rigging is another illegal practice where businesses conspire to allow one another to win contracts at inflated prices, undermining fair competition. These practices harm consumers by leading to higher prices and reduced choice.123
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