What is price-fixing and how is it illegal?

Price-fixing is an illegal practice that occurs when two or more companies agree to set prices for goods and/or services. This practice is illegal because it eliminates competition, leading to higher prices for consumers. This allows companies to increase their profits by restricting competition and unfairly raising prices. In North Carolina, the North Carolina Unfair and Deceptive Trade Practices Act says that it is illegal to conduct any type of business practice that is unfair or deceptive to the public. This includes price-fixing. The Act prohibits any agreement, written or verbal, explicit or implied, between two or more companies to fix the prices of goods and services. This means that no company may fix the prices of its products or services with any agreement with another company. Any company that violates the North Carolina Unfair and Deceptive Trade Practices Act can be subject to civil liability, such as paying damages. Additionally, any individual found guilty of price-fixing can be subject to criminal penalties, including fines and jail time. Price-fixing is a serious issue that affects consumers and businesses alike. It can lead to higher prices and reduce competition, which is beneficial to no one. It is important for consumers to be aware of the potential risks associated with price-fixing, and to be aware of North Carolina’s antitrust laws.

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What is price-fixing and how is it illegal?

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