Detailed Answer
(b) A horizontal agreement is an agreement between
competitors. I and II satisfy that requirement; III is a vertical
agreement between a wholesaler and a retailer. Additionally,
vertical price fixing is not illegal per se. Agreements to fix prices
include agreements that directly affect price, such as a refusal to
provide credit. Horizontal price fixing is illegal per se, regardless
of whether the agreement is to set a minimum price or a maximum
price.