|what does price fixing mean||0.44||0.8||9110||44|
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Penalties for price fixing can be severe. Companies that engage in price fixing can be fined up to $100 million, and individuals can be fined up to $25 million and sentenced to up to ten years in prison. As an independent real estate agent, if you are caught price fixing, you could be fined and/or lose your license.What is price fixing?
Price fixing is when two entities, usually companies, agree to sell a product at a set price. They do this to maintain profit margins . It's easiest for monopolies to fix prices. They operate without competitors that could offer products at lower prices.What are some examples of price fixing?
One classic example of price-fixing was carried out in the 1970s by the Organization of Arab Petroleum Exporting Countries (OAPEC). The members of the organization agreed to severely cut back on the supply of oil available to its customers around the world. 2 The result was massive shortages of oil and a quadrupling of its price to consumers.How can you detect price fixing?
Tenders or quotes are a classic example of observing the signs of price-fixing. All the tenders may provide a higher price than what is normally justified. Higher cost tenders are submitted by hiking the input costs. Tenders don’t show detailed calculations for arriving at the prices.