Three of the largest petroleum refineries in the country have come to an agreement about what price they would pay to purchase crude oil from sellers.This is an example of the ________.
A)sellers' illegal per se price fixing
B)sellers' illegal group boycott
C)buyers' illegal per se price fixing
D)buyers' illegal market sharing

Question

Quizplus · Accepted Answer

The scenario described in the question involves buyers (the petroleum refineries) coming to an agreement about the price they would pay for a product (crude oil). This is an example of buyers engaging in illegal per se price fixing, as they are colluding to set prices for a product in a way that reduces competition and harms consumers. Option A (sellers' illegal per se price fixing) and option B (sellers' illegal group boycott) do not apply in this scenario, as it is the buyers who are engaging in the illegal behavior. Option D (buyers' illegal market sharing) also does not apply, as there is no indication in the scenario that the buyers are agreeing to divide up the market among themselves.

Three of the Largest Petroleum Refineries in the Country Have