Businesses are not always free to set any price they wish for their goods and services. One of the ways corporations may misuse their market power is through price-fixing arrangements. Under the law, price-fixing arrangements are considered illegal and companies engaging in such practices are ordered to pay large sum of fines. Furthermore, price-fixing can result in civil action for damages caused to the buyers. Discuss the price-fixing restrictions. Find examples of price-fixing arrangement. Choose one example and explain how competitors colluded to fix prices, the likely impact on consumers and the penalties imposed.