when firms bidding on a contract arrange among themselves who will win each contract and at...
when firms bidding on a contract arrange among themselves who will win each contract and at which price, according to Competition Act of 1985, this is called:
A price- fixing
B Bid-rigging
C Predatory pricing
Homework Answers
Bid rigging can be defined as an illegal practice in which competing parties merge and determine the winner of a bidding process while others submit uncompetitive bids. Bid rigging decrease free-market competition, as a result the rigged price will be higher than what might have resulted from a competitive bidding process.
Hence it can be said that when firms bidding on a contract arrange among themselves who will win each contract and at which price, according to Competition Act of 1985, this is called bid rigging.
hence option B is the correct answer.
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