Explain how the courts have ruled on price fixing
What will be an ideal response?
Price fixing among competitors is always a violation of the antitrust law. This type of price fixing, in and of itself, is a violation of the law. If the government can prove the existence of price fixing, the accused firms are guilty because there are no mitigating circumstances allowed. Price fixing in the form of resale price maintenance is legal as long as it is not anticompetitive.
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On the contract curve the ______ for both consumers are the same
Fill in the blank(s) with the appropriate word(s).
The government agency that computes the CPI is the _____.
Fill in the blank(s) with the appropriate word(s).
Discretionary fiscal policy by the federal government involves
A. legislative variations in spending and tax policies. B. using built-in stabilizers to smooth economic activity. C. relying on wage and price controls to ensure price level stability. D. presidential variations in spending and taxes without Congressional approval.
The market clearing price of a good is
A) the price at which there is at least some of the good available for everyone. B) the price at which there is no surplus and no shortage. C) the price that consumers prefer. D) the price that producers prefer.