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Pure Monopoly Model
An economic model describing a market structure with a single firm dominating the market, without close substitutes for its product, enabling price setting power.
Tacit Understanding
An implicit agreement or understanding that is not formally expressed or written, but is assumed to be shared among the parties involved.
Informal Collusion
A scenario where businesses unofficially agree to certain practices, such as price-setting or market-sharing, without formal agreement, often to reduce competition.
Cartel
A cartel refers to an association of independent businesses or countries that collaborate to manipulate prices and limit competition for certain goods or services.
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