What is price-fixing and how is it illegal?

Price-fixing is a type of illegal anti-competitive practice used by businesses. It is when a group of companies, usually competitors in the same industry, get together to decide on the prices they will charge for their products or services. This gives the companies involved an advantage over companies that are not involved and reduces competition in the marketplace. In Washington, state and federal laws forbid price-fixing. This practice is illegal because when businesses agree to set prices, it can lead to higher prices for consumers and a decrease in the quality of the products. It reduces competition among companies, and restricts the choices available to consumers, which can lead to higher prices and limited choices. The Federal Trade Commission, which enforces antitrust laws in Washington, can investigate allegations of price-fixing and issue fines to the companies involved. In addition, victims of price-fixing may be able to sue the companies and seek compensation for damages caused by the anti-competitive practice. Price-fixing is illegal because it creates an unfair competitive advantage for the companies involved. This is why companies in Washington must be careful not to engage in this practice, as it can have serious consequences.

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What is price-fixing and how is it illegal?

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