When executives from competing firms meet to decide which of them will submit the lowest bid on a contract, they are indulging in _____
a. price discrimination
b. price fixing
c. bait pricing
d. penetration pricing
ANSWER: b
When executives from competing firms meet to decide which of them will submit the lowest bid on a contract, they are indulging inprice fixing.Price fixing is an agreement between two or more firms on the price they will charge for a product.
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Answer the following statement true (T) or false (F)
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Indicate whether the statement is true or false