Examlex
Collusion occurs when two or more firms agree to collaborate on wrongful acts such as price fixing.
Competitive Price-searcher Market
A market structure where firms have some control over the pricing of their products because their products are differentiated, but there is intense competition due to low entry barriers.
Economic Profit
The total revenue of a business minus both explicit and implicit costs.
Long-run Equilibrium
A state in which all firms in a market are making normal profits, with no incentive for entry or exit, indicating a stable market condition.
Competitive Price-searcher Market
A market condition where firms have some power to set prices due to product differentiation, yet must actively seek out the best prices and competition exists.
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