Applied Business Law-3

label Law
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schedule 1 Day
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  • Is this price-fixing fair? Ethical? Socially responsible?
  • Does it make any difference what the extra profit is used for such as charity, employee raises, or expansion?
  • Oct 16th, 2015

    Thank you for the opportunity to help you with your question!

    Thank you for the opportunity to help you with your question!

    Price fixing is the act of of setting prices at a certain, usually high level, by the agreement of the key players in the given market. This is usually an exploitative pricing as the customers end up paying more than they should. This Is very and unfair, unethical and socially irresponsible for such firms. 

    Whether the extra profits realized after price fixing are used for activities such charity, employee raises or even expansion or not, it makes no difference. The act is unethical and nothing will justify it since those who may benefit are not the same as those who will have lost. Thus, no difference at all. 

    Please let me know if you need any clarification. I'm always happy to answer your questions.Please let me know if you need any clarification. I'm always happy to answer your questions.
    Oct 16th, 2015

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