Question

Nancy owns a gas station in a small town. her friend chuck owns the only other station in the community. one​ day, nancy and chuck get together and decide to drastically raise their prices. this is an example of​ _______.

Answer 1

Price fixing

This is a practice whereby rival companies or participants in a similar market reach an illicit agreement not to sell goods or services below a certain price or maintain the market conditions such that the price is fixed at a certain point.