Examlex
Secondary data is far less expensive for a firm to collect than is primary data.
Cartel Output
The total level of production agreed upon by members of a cartel, who coordinate their pricing and output to maximize collective profits.
Jointly Maximize Profits
A strategy where firms coordinate their actions to increase their collective profits rather than competing with one another.
Agreement Breach
A failure to fulfill the terms of a contract or agreement, which can lead to legal action for resolution.
Equilibrium Price
The price that balances quantity supplied and quantity demanded.
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