When is price fixing not a violation of the antitrust laws?
What will be an ideal response?
Price fixing among competitors always is a violation of antitrust law, whether or not the act was found to be harmful to consumers. If the Justice Department can prove the existence of price fixing, a defendant can offer no acceptable excuse. Price fixing between a supplier and a reseller is not illegal as long as it is not anticompetitive.
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Long-run market supply curves are downward sloping if
A) firms are identical. B) the number of firms is restricted in the long run. C) input prices fall as the industry expands. D) All of the above.
Producers have little incentive to produce a public good because
a. the social benefit is less than the private benefit. b. the social benefit is less than the social cost. c. there is a free-rider problem. d. there is a Tragedy of the Commons.