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Why is collusion about the price and amount of output impossible in monopolistic competition?
Oligopolistic Industry
A market structure characterized by a small number of large firms that dominate the market, often leading to limited competition and higher prices.
Differentiated Oligopoly
A market structure in which a few firms offer products that are similar but not perfect substitutes, allowing for some pricing power.
Collusion
An agreement between competing firms to control prices or exclude entry of a new competitor in the market, often in violation of antitrust laws.
Sequential Game
A strategic interaction (game) between two or more parties (players) in which each party moves (makes a decision) in a predetermined order (sequence).
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