6/15 Price Fixing

DIALOG>> They got caught fixing prices of their products.

A: Did you hear the news about the price-fixing case?
B: No, what is it about?
A: You know, there are two major electronic companies in Korea. Right?
B: Yeah, I know what you're talking about. And?
A: They got caught fixing prices of their products.
B: No wonder my laptop was so expensive!


RESPONSE>> Talk about price fixing case in Korea.

Korea's Fair Trade Commission recently imposed a huge fine of a couple of South Korean chaebols for price fixing.
* Fair Trade Commission: 공정거래위원회
* price fixing: 가격 담합
* impose a fine on: ~에 벌금을 부과하다

Those two mega-corporations were accused of fixing the prices of their products such as washers, flat-screen TVs, laptops and the list goes on and on.
* mega-corporation: 대기업 (=conglomerate)
* the list goes on and on: 수도 없이 많다
ex> He was accused of stealing 30 smartphones.

This came as quite a shock because they were thought to be long-time rivals in the consumer electronics market.
* consumer electronics: 가전제품
* come as quite a shock: 충격으로 다가오다
ex> Her death comes as quite a shock to everybody.
ex> Vaccination is thought to be the most effective way to prevent infections.

These two firms have a virtual monopoly in this field.
* virtual: 실질적인
* monopoly: 독과점, 독점

For instance, their combined market share for flat-screen TVs is 99.6 percent.
* market share: 시장 점유율

They colluded to raise the prices of their products behind closed doors.
* collude: 공모하다
* behind closed doors: 비밀리에
ex> The decision was made behind closed doors.

One of the firms actually came forward to report this illegal conduct and its hefty fine was waived.
* come forward: (자짐해서) 나서다
ex> New eye-witnesses came forward in this case.
* hefty: 고액의, 크고 무거운
* be waived: ~을 면제받다
ex> Some fees were waived for the low-income families.

However, the other company said they would appeal.
* appeal: 항소하다


@ He got away with a slap on the wrist.  그는 솜방망이 처벌만 받았어.

1. A few students were accused of bullying.
2. His injury came as quite a shock.
3. Their marriage ceremony was held behind closed door.
4. The bank waived the fees for VIP customers.