The impact of practices such as price-fixing on consumers leads to paying an extra amount even for those goods that are generally priced very lower than their actual selling-price in the market.
What is the significance of price fixing?
Price-fixing is referred to or considered as such a method, where the number of sellers of a particular product or service in a particular market enter into an agreement to fix their selling prices in order to increase the profits.
When price fixing is being practiced in the market, the consumers are at loss, because they do not have any other option but to buy the products at the prices determined by the agreement between the sellers. Furthermore, any new seller in the market has to enter into agreement of selling goods at such agreed prices.
Therefore, the impact of practices such as price-fixing on consumers and its significance has been aforementioned.
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