A situation in which firms conspire to set prices for goods sold in the same market is called

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Price fixing is a practice in which firms agree to set a specific price for goods sold in the same market. This is often done in order to eliminate competition and increase profits. It is illegal in most countries, including the United States, under antitrust laws. Horizontal mergers involve the combination of firms that produce similar goods or services, resale price maintenance involves manufacturers setting minimum prices for their retailers to sell products, and vertical restraints involve restrictions on the behavior of firms at different stages of the supply chain. Artificial price control is a broader term that can refer to any attempt to manipulate the price of goods or services, whether by governments or private actors.

A Situation in Which Firms Conspire to Set Prices for Goods