Gary,Louise,and Brian,who own competing gas stations in town,happen to see each other at a restaurant one morning and have breakfast together.While talking,they decide to set their gas prices at the same amount.They have committed an illegal act only if the agreed price is unfair to consumers.

Question

Quizplus · Accepted Answer

Setting prices collectively, regardless of whether the agreed price is fair or unfair to consumers, constitutes price fixing and is illegal under antitrust laws.

Gary,Louise,and Brian,who Own Competing Gas Stations in Town,happen to See