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Equitable assessment and business ethics are issues of concern in business education and more broadly, higher education. This qualitative study examines how a forced grading curve impacts students of different identities, and if students’ reactions to the curve affect the curve’s ability to reflect student effort and performance. Interviews were conducted with 67 undergraduate business students. Findings indicate that students work harder but also react in ways that are detrimental to learning and collaboration, such as cheating or hoarding resources. Furthermore, the forced curve discouraged students who were racially and/or socioeconomically marginalized because the curve creates an unfair competition against privileged peers. These findings have implications for business education, including how assessment impacts business ethics culture and equity.