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But with the higher minimum price the restaurant can still increase profits slightly.
"Price will not be a differentiation — customers will choose at this minimum price the best brands in the industry".
If dealers at fish markets fail to meet that minimum price, the boxes of fish are taken to the harbour wall and tipped into the water.
The identity of the seller is not revealed nor is the so-called reserve or minimum price the seller will accept.
Apple, in attempting to break the stranglehold of Amazon, offered book publishers the opportunity to have more say over how their books were priced, gave them the option to set a minimum price, the routine 30% cut to Apple and an accompanying exclusion clause for others (Amazon) to sell books at a lower price.
If they do not meet the minimum price, the EU commission slaps a 65% tariff on the imports.
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While the Scottish pub trade and some brewers who specialise in premium brands support minimum pricing, the measure is opposed by the large retailers and the spirits industry.
They do not give estimates, but start the bidding at an amount equivalent to the reserve price, the minimum price that the seller will accept.
The buyer pays the minimum price at the closing, and the balance is put in escrow.
According to published reports, the highest bid was $50,000 below the minimum price, and the owner was still considering whether the bid would be accepted.
The key issue that government officials are facing is the minimum price for the company they should accept.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com