When companies set their prices at levels either above, the same as or below their competitors, this is called?
A)A cartel
B)Price fixing
C)Benchmarking
D)None of the above

Question

Quizplus · Accepted Answer

Benchmarking refers to the practice of comparing a company's prices with those of its competitors in order to determine whether they should be set above, the same as or below the competition. Cartels and price fixing involve collusion among companies to set prices at artificially high levels, which is illegal in most countries.

When Companies Set Their Prices at Levels Either Above, the Same