Meaning of the word "fixed price" in English

What does "fixed price" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

fixed price

US /fɪkst praɪs/
UK /fɪkst praɪs/
"fixed price" picture

Noun

a price that does not change and is not open to negotiation

Example:
The restaurant offers a fixed price menu for lunch.
We agreed on a fixed price for the entire project.