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Figure 18.3
Using the figure above, identify the labeled structure(s) in each of the following questions.
-Identify the structure(s) indicated by Label F.
Collusion
An agreement between firms in a market to limit competition and manipulate prices or market conditions.
Game Theory
A theoretical framework for conceiving social situations among competing players and predicting their choices of action through mathematical models.
Oligopolists
Companies or entities that are part of an oligopoly, a market structure characterized by a small number of firms controlling a large market share, often leading to less competitive markets.
Pricing Behavior
The strategies and practices employed by sellers in setting and adjusting prices of goods and services.
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