Six gas retailers were recently found guilty of agreeing to increase prices in tandem with one another.What is the name for this type of anticompetitive practice?

Name: Six gas retailers were recently found guilty of agreeing to increase prices in tandem with one another.What is the name for this type of anticompetitive practice?
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Question

Quizplus · Accepted Answer

Price fixing occurs when competitors agree on pricing rather than competing against each other, which is what the gas retailers did by agreeing to increase prices in tandem.

Six Gas Retailers Were Recently Found Guilty of Agreeing to Increase