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Discrimination by customers creates a wage differential between two groups by creating a difference in the two groups'
Identical Products
Products that are exactly the same in every feature, often used in economic models of perfect competition.
Collusively
Acting in coordination with others, often in secret, to limit competition and manipulate market outcomes, such as setting prices.
Product Demand
The desire and willingness of consumers to purchase a particular good or service at a given price.
Oligopoly
A market structure characterized by a few firms dominating the industry, leading to limited competition and potentially higher prices for consumers.
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