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Cartel
An association of manufacturers or suppliers with the purpose of maintaining high prices and restricting competition.
Differentiated Product
A product that is distinguished from similar products offered by competitors because of unique characteristics or features.
Homogeneous Product
A product that is identical or almost identical in features, functions, and quality across different suppliers.
Equilibrium Price
The price at which the quantity of a product offered for sale matches the quantity that consumers are willing to buy, without any leftover surplus or shortage.
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