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What is Oligopoly, Collusion, and Cartels Explained about?

1. Oligopoly is characterized by a small number of large firms that dominate an industry. These firms may sell differentiated or identical products and there are significant barriers to entry in the industry. The firms are interdependent and prices tend to be rigid. 2. Collusion occurs when firms agree to work together, such as setting higher prices to earn greater profits. This increases monopoly power at the expense of consumers. Examples include UK supermarkets colluding on dairy prices. Collusion is u

Author

sai

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EN