Examlex
If the actual price level is lower than the expected price level, an economy will contract in the short run.
Informal Understandings
Unofficial agreements or practices among firms or individuals that dictate behavior without being legally binding.
Collusive Oligopoly
A market situation where a few firms dominate and agree, formally or informally, on prices or production levels to minimize competition.
Limit Pricing
A strategy used by monopolies or market leaders to set prices low enough to deter new entrants into the market.
New Rivals
refers to competitors that enter a market and challenge existing firms with their products, services, or business models.
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