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What are the defining characteristics of a low-pressure system?
Collusion
A secret or illegal cooperation or conspiracy, especially between firms, to deceive or gain an unfair advantage.
Demand Curve
The Demand Curve depicts the relationship between the price of a product and the amount of it that consumers are willing to purchase at various prices, usually sloping downward from left to right.
Dominant Firm
A company with a significant market share or influence, often capable of setting prices within its industry.
Price Leadership Model
A market condition where one leading company sets the price of goods or services, and other companies in the sector follow suit, either explicitly or implicitly.
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