Examlex
How does Adam Smith's idea of the "invisible hand" apply to the various parts, made by many different manufacturers in many different countries, that are used by Apple to produce an iPad?
Collusion
An agreement among firms to limit competition, set prices, or control production in order to increase profits.
Antitrust Authorities
Antitrust authorities are government agencies tasked with implementing and enforcing laws to promote competition and prevent unfair, monopolistic practices in the marketplace.
Firm's Profit
The financial gain achieved by a company, derived from its revenues after subtracting all expenses.
Nash Equilibrium
A state in strategic interactions where each participant's chosen strategy leaves them with no incentive to deviate, given the choices of others.
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