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Which of the following is true about Entity-Relationship Diagrams,or ERDs?
Collusion
A situation in which firms act together and in agreement (collude) to fix prices, divide a market, or otherwise restrict competition.
Entry Barriers
Obstacles that make it difficult for new competitors to enter an industry, including high initial investment, stringent regulations, and strong brand loyalty.
Mutual Interdependence
A situation in which the outcome or payoff for each participant depends on the choices or actions of all involved parties.
Economic Profits
Profits exceeding the opportunity costs of inputs, indicating that resources are likely yielding the highest value use.
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