ollie you need better stats than that to go to harvard :(
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Simple English definitions for legal terms
conscious parallelism
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A quick definition of conscious parallelism:
Conscious parallelism is when businesses change their prices to match their competitors without talking to them. This is different from price-fixing, which is illegal. Conscious parallelism is not illegal on its own, but it can still have bad effects on customers. For example, if all shipping companies raise their prices after the U.S. Postal Service does, customers will have to pay more for shipping. Even though businesses can do this without breaking the law, if there is other evidence that they are working together, they can still get in trouble.
A more thorough explanation:
Definition: Conscious parallelism is when businesses change their prices to match those of their competitors in a market without communicating or colluding with them. This is different from price-fixing, which involves an agreement between competitors and is illegal. Conscious parallelism is not illegal on its own, but it can have harmful effects similar to price-fixing.
For example, if all the shipping companies increase their package rates by 15% after the U.S. Postal Service does so, without ever speaking with employees of the Postal Service, this would be an example of conscious parallelism.
Businesses in very competitive markets, such as airlines, often engage in conscious parallelism to stay profitable. However, critics argue that this behavior can lead to higher prices for consumers and reduced competition in the market.
It's important to note that while conscious parallelism is not illegal on its own, other evidence in combination with conscious parallelism can lead to a charge of collusion.