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Golomb disagrees with Kellogg's view that
Pure Monopoly
describes a market structure where a single company has exclusive control over the supply of a product or service, with no close substitutes.
Cartel Agreement
An arrangement among competing firms to control prices or output in a market, often to limit competition.
Cartelized Market
A market situation where a small number of firms collaborate to control prices and production, limiting competition.
Cartel Members
Members of a cartel work together to control the production and pricing of goods in a particular market, effectively limiting competition.
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