Examlex
What happens to the use of steel if there is a sudden decrease in its supply? In particular, explain how the new price of steel helps to ration its use.
Price Leadership
A situation where a leading company sets prices that other firms in the market follow.
Tacit Collusion
An unspoken, informal agreement among competitors to avoid competitive behaviors like price wars, leading to higher prices for consumers.
Oligopolies
Market structures in which a few large firms dominate the industry, having significant market power to influence prices and terms of sale.
Market Power
The ability of a firm to influence or control the price and output level in the market.
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