Examlex
What is meant by "excess capacity"? How does it relate to consumer utility?
Standardized Product
Goods or services that are uniform in quality and performance, making them interchangeable.
Cartel
An association of independent businesses or countries that work together to control prices and limit competition within a specific industry.
Price-Fixing Agreement
An illegal arrangement between businesses to set prices at a certain level, typically above market equilibrium, to maximize profits.
Secretly Increasing Sales
The strategy of covertly enhancing a company's sales numbers, possibly through non-transparent marketing tactics or undisclosed discounts.
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