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In neo-classical economics, price fixing is inefficient. The anti-competitive agreement by producers to fix prices above the market price transfers some of the consumer surplus to those producers and also results in a deadweight loss. International price fixing by private entities can be prosecuted under the antitrust laws of many countries.
A federal district court in February 1961 fined 29 electrical manufacturing companies and 45 individuals a total of $1,924,500 for violating the antitrust laws by fixing prices and rigging bids on heavy electrical equipment, some of which was sold to the Government. [46] (See also: Allis-Chalmers § 1960s and 1970s.)
It identifies and corrects practices causing market impediments and distortions through competition law (also known as antitrust law). [1] In general it is a government agency , typically a statutory authority , sometimes called an economic regulator , that regulates and enforces competition laws and may sometimes also enforce consumer ...
But the anti‐ price‐ gouging legislation is unlikely to become law due to concerns from Republicans that it would effectively allow the FTC to control prices and prolong shortages for many ...
Dumping, also known as predatory pricing, is a commercial strategy for which a company sells a product at an aggressively low price in a competitive market at a loss.A company with large market share and the ability to temporarily sacrifice selling a product or service at below average cost can drive competitors out of the market, [1] after which the company would be free to raise prices for a ...
It is also known as antitrust law (or just antitrust [4]), anti-monopoly law, [1] and trade practices law; the act of pushing for antitrust measures or attacking monopolistic companies (known as trusts) is commonly known as trust busting. [5] The history of competition law reaches back to the Roman Empire.
An international group of vitamin manufacturers that allegedly carried a price-fixing conspiracy over the course of 12 years has agreed to pay over $25 million to settle a class action lawsuit by ...
The United States Supreme Court has, in the past, determined activities such as price fixing, geographic market division, and group boycott to be illegal per se regardless of the reasonableness of such actions. Traditionally, illegal per se anti-trust acts describe horizontal market arrangements among competitors.