Under What Conditions Would It Be Legal for Two Bakeries

Under what conditions would it be legal for two bakeries in a small country town to explicitly agree to raise their prices by 5 per cent?

A) Never.
B) If the price rise did not harm consumers in the long run by reducing competition.
C) If the price rise was necessary to keep one or both bakeries from closing.
D) If the price rise was not predatory.
E) If the price rise did not measurably increase producer surplus.