If the painting firms in a city sign a contract outlining a pricing plan, they are involved in

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If painting firms in a city sign a contract outlining a pricing plan, they are most likely involved in collusion. Collusion occurs when businesses agree to work together to manipulate market conditions, such as pricing or supply, in their favor. This is illegal in many countries, including the United States. Price competition, on the other hand, involves businesses competing with each other by offering lower prices or better value. Price regulation refers to government intervention in setting prices for certain goods or services. A legal form of business contract is a general term that could apply to any type of legally-binding agreement between two or more parties.

If the Painting Firms in a City Sign a Contract