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Levels of categorization have psychological reality based on which finding?
Collusion
A non-competitive secret or illegal agreement between rivals that attempts to disrupt the market's equilibrium by influencing the market mechanism such as price or output of goods and services.
Economic Recession
A period of significant decline in total output, income, employment, and trade in an economy, usually lasting from six months to a year.
Gentlemen's Agreements
Informal, non-binding agreements based on trust, honor, and the integrity of the parties, without any written documentation.
Cartel
An agreement among competing firms to control prices or limit production in a sector, often to maximize profits at the expense of consumers.
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