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Price fixing at least requires an agreement among the parties - which is unlikely here. If I own a gas station and Bob owns the only other gas station in town a
by oh_sigh 6y ago
Price fixing at least requires an agreement among the parties - which is unlikely here. If I own a gas station and Bob owns the only other gas station in town across the street from mine, and we both agree to set the price to $4/gallon, then that is price fixing.
But if I wake up one day and see Bob set his price to $4/gallon while I'm selling for $2/gallon, I may decide to bump my price up to $4/gallon and that is not price fixing.
Realistically the 30% vig didn't come out of thin air - Apple set the standard, the rest of the world saw apple getting away with it, and decided that they would set their rates the same. But that doesn't mean price fixing resulted in all of us setting the percentage to 30.
- judge2020 6y agoI'd consider the gas station situation price fixing, but not illegal price fixing per se - gas station price fixing in general is a much bigger problem in some remote parts of the US or around airports where two or three gas stations set their price to be $3 or more over the rates at the nearest city 10-20 miles away.