Price Fixing Legal Meaning and Definition

Here is a simplified definition of the legal term Price Fixing.

Price Fixing (noun) Price Fixing is a business practice where competing companies cooperate, either directly or indirectly, to set the same prices for their products or services instead of allowing natural market forces to determine them. This strategy is considered illegal under federal law because it promotes unfair competition and denies consumers the ability to access products or services at reasonable prices. It's also worth to note that this arrangement can occur among different levels of production and distribution, such as between suppliers and manufacturers or distributors.