price fixing
/ˈpraɪs ˌfɪksɪŋ/
noun
- An illegal agreement between businesses to set the price of a product or service at a certain level, rather than letting competition determine it.
- Price-fixing hurts consumers by keeping prices artificially high.
- The three companies were fined millions for engaging in price-fixing of electronic components.
- The government launched an investigation into suspected price-fixing among the major oil companies.
Synonyms