Definition from Nolo’s Plain-English Law Dictionary
Price-fixing between competitors that occurs without an actual agreement between the parties. For instance, one company raises its price for a service and other competitors do the same. Can also be used to describe imitative activity over terms other than price. For example, one airline starts to require double miles for domestic trips and other airlines follow suit.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:13 pm