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Forum Post: Price Setting Law Hasn't Kept up with Technology Developments

Posted 8 years ago on Oct. 1, 2012, 7:33 p.m. EST by elf3 (4203)
This content is user submitted and not an official statement

Price setting should and is supposed to be illegal but in the cloud and information age, companies can access competitors rates and elevate theirs with the push of a button - ask any purchasing agent and at every monopoly there is a price difference of about 1 cent... THIS IS PRICE SETTING and COLLUSION. Stores used to sticker every item but now do not have to and this is allowing them to change prices throughout even the course of a single day. How many times does that price fluctuate during a day or week or month?

W'' Price fixing is an agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand. The intent of price fixing may be to push the price of a product as high as possible, leading to profits for all sellers but may also have the goal to fix, peg, discount, or stabilize prices. The defining characteristic of price fixing is any agreement regarding price, whether expressed or implied. Price fixing requires a conspiracy between sellers or buyers. The purpose is to coordinate pricing for mutual benefit of the traders. Sellers might agree to sell at a common target price; set a common minimum price; buy the product from a supplier at a specified maximum price; adhere to a price book or list price; engage in cooperative price advertising; standardize financial credit terms offered to purchasers; use uniform trade-in allowances; limit discounts; discontinue a free service or fix the price of one component of an overall service; adhere uniformly to previously-announced prices and terms of sale; establish uniform costs and markups; impose mandatory surcharges; purposefully reduce output or sales in order to charge higher prices; or purposefully share or pool markets, territories, or customers. Price fixing is permitted in some markets but not others; where allowed, it is often known as resale price maintenance or retail price maintenance. In neo-classical economics, price fixing is inefficient. The anti-competitive agreement by producers to fix prices above the market price transfers some of the consumer surplus to those producers and also results in a deadweight loss.- W" - Wiki

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[-] 1 points by hchc (3297) from Tampa, FL 8 years ago

Sounds like how Iran just lost 1/3 of the value of its money, all with the click of a button..

[-] 1 points by elf3 (4203) 8 years ago

price fix·ing also price-fix·ing (prsfksng)

http://en.wikipedia.org/wiki/Price_fixing