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Collusive Agreements
Secret or illegal cooperation or conspiracy, especially between competing entities, to cheat or deceive others.
Monopolist
A market participant, individual, or company that holds exclusive control over the supply of a particular good or service, potentially manipulating prices.
Competitive Price-Searcher
A market structure where firms have some control over the price because their products are differentiated, and consumers search for the best prices among competitors.
Long-Run Economic Profit
The excess revenue over costs, including opportunity costs and explicit costs, that a firm realizes when all inputs are considered variable, typically assumed in a period where firms can enter or exit the industry.
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