When executives from competing firms meet to decide which of them will submit the lowest bid on a contract,they are indulging in _____.
A)price discrimination
B)price fixing
C)bait pricing
D)penetration pricing

Question

When executives from competing firms meet to decide which of them will submit the lowest bid on a contract,they are indulging in _____.​
A)price discrimination
B)​price fixing
C)bait pricing​
D)penetration pricing

Quizplus · Accepted Answer

Price fixing is the practice where competitors agree to set prices at a certain level, which is illegal in most countries as it reduces competition and harms consumers. In this scenario, executives from competing firms are meeting to decide which of them will submit the lowest bid on a contract, which is a form of price fixing.

When Executives from Competing Firms Meet to Decide Which of Them