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Describe and explain the real business cycle theory.
Covert Collusion
A secret agreement between firms to fix prices, limit production, or divide markets, which is illegal and anti-competitive.
Cartel
A group of firms behaving like a monopoly.
Competitive Spectrum
The range of competition levels across different markets or industries, from perfect competition to complete monopoly.
Collusion
The practice of firms to negotiate price and/or market share decisions that limit competition in a market.
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