PRICEFIXING Meaning and
Definition
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Price fixing is a form of collusion, a practice in which two or more organizations, typically businesses, agree to set or maintain a specific price for a particular product or service, usually to restrict competition and control the market. It involves the mutual agreement between competitors to eliminate price competition, resulting in the manipulation or control of prices. This illegal conduct aims to ensure that all participants receive similar or identical prices, limiting consumer choice and potentially driving prices higher than they would be in a competitive market.
Price fixing can take various forms, such as setting a fixed price, implementing a minimum price, or establishing price ranges. This anti-competitive strategy can adversely affect both consumers and other market players, limiting their options and facilitating market dominance by the participating companies. Price fixing enables collusion between otherwise competing businesses, leading to the distortion of fair market forces and detrimental consequences for the economy as a whole.
Price fixing has severe legal implications. In many jurisdictions, it is considered a violation of antitrust or competition laws. Authorities crack down on price fixing activities to protect consumers, maintain fair market competition, and ensure market efficiency. Adjudication of price-fixing cases often involves monetary fines, legal proceedings, and potential imprisonment for individuals found guilty of engaging in such anti-competitive behavior.
Common Misspellings for PRICEFIXING
- price-fizing
- -price-fixing
- price-fxing
- oricefixing
- lricefixing
- -ricefixing
- 0ricefixing
- peicefixing
- pdicefixing
- pficefixing
- pticefixing
- p5icefixing
- p4icefixing
- prucefixing
- prjcefixing
- prkcefixing
- procefixing
- pr9cefixing
- pr8cefixing
- prixefixing
Etymology of PRICEFIXING
The word "price-fixing" is a compound noun that combines the words "price" and "fixing".
- "Price" originated from the Old French word "pris", meaning "price, value, or worth". This term was influenced by the Latin word "pretium", also meaning "price".
- "Fixing" is derived from the Old Norse word "fikja", which means "to fix, fasten, or establish". The word was later influenced by the Old English word "fician", with the same meaning.
Therefore, "price-fixing" refers to the act of establishing or setting the price of a product or service, often through collusion or agreement among businesses.
