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Knowing That a Person Falls into Some Social Category, We

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Knowing that a person falls into some social category, we might assume that he or she possesses certain traits, and that everyone in this category possesses these traits.This is an example of


Definitions:

Cartel Arrangements

Agreements among competing firms to control prices or exclude entry of a new competitor in the market, often resulting in anticompetitive behavior.

Oligopolists

Firms or individuals that control the market for a particular good or service in an oligopoly, where a small number of entities dominate.

Monopoly Power

The ability of a single seller to control market prices and total market output.

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