Who Are Price Leaders and What Effect Does Their Presence

question 56

Essay

Who are price leaders and what effect does their presence have on tacit collusion?

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Definitions:

Behaviour

Behaviour encompasses the actions and reactions of an organism, usually in relation to its environment, which can be observable or internal.

Negative Reinforcer

An unpleasant stimulus that, when removed following a behavior, increases the likelihood of that behavior being repeated.

Probability

The extent to which an event is likely to occur, measured by the ratio of the favorable cases to the whole number of possible cases.

Escape Conditioning

A learning process in which an organism learns to perform a behavior to terminate an aversive stimulus.