Question

The decision by shoe store owners to fix their prices will result in consumers paying _____ prices. lower higher the same

Answer 1

Higher prices

Step-by-step explanation:

Fixed prices are associated with higher prices for consumers

Answer 2

higher

Step-by-step explanation:

This will make consumers pay a higher price. In a competitive market like shoes, suppliers compete for market share through price, so that none of them will have control over the market equilibrium price unless there is a collusion. Collusion is an illegal practice of price matching between competitors. This disassembles the competition parameters of the market, causing the selling price to be higher than the competitive equilibrium price. In this way consumers are injured. For this reason, regulatory agencies stipulate rules in competitive markets to prohibit collusion.