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Tacit Collusion
An unspoken, non-explicit agreement among competitors to maintain prices at a certain level or to not compete on certain aspects, without direct communication.
Few Firms
A market condition characterized by a small number of companies, often leading to an oligopolistic competition where each firm's actions can significantly impact the market.
Economic Profits
The difference between total revenues and total explicit and implicit costs.
Monopolist
A monopolist is a sole provider of a product or service in a market, possessing significant market power to set prices above competitive levels due to lack of competition.
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