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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.
The Robinson–Patman Act (RPA) of 1936 (or Anti-Price Discrimination Act, Pub. L. No. 74-692, 49 Stat. 1526 (codified at 15 U.S.C. § 13)) is a United States federal law that prohibits anticompetitive practices by producers, specifically price discrimination.
However, if a competitive price were charged, there would be a lower price, and so very few substitutes, whereupon the market share would be very high, and a monopoly established. United States v. Syufy Enterprises , 903 F.2d 659 (9th Cir. 1990) necessity of barriers to entry
Gavin Roberts studied anti-price gouging laws some states passed during the pandemic. ... for “the federal government to identify and take on price-fixing and other anti-competitive practices in ...
“Congress has stalled out on doing work that it could do to help families lower costs," Sen. Warren tells TIME. "The President has the tools to fight back.”
The suit was filed because of price fixing and other allegedly anti-competitive trade practices in the credit card industry. In February 2019, U.S. District Court Judge Margo K. Brodie approved a settlement in the case that amounted to $5.54 billion. [1]
The law directs itself not against conduct which is competitive, even severely so, but against conduct which unfairly tends to destroy competition itself. [ 4 ] According to its authors, it was not intended to impact market gains obtained by honest means, by benefiting the consumers more than the competitors.
Price gouging laws generally prohibit profiteering during emergencies, but vary widely as to when they apply, said Lindsay Owens, who leads Groundwork Collaborative, an anti-monopoly think tank.