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VERTICAL AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the 'Y-axis' that runs up and down.

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Lesson 20: Oligopoly | Unit 3: Behavior Page: 12 of 24

Topic: Collusion <=PAGE BACK | PAGE NEXT=>

  • More on collusion.

  • Collusion is a usually secret agreement among competing firms in an industry to control the market, raise the market price, and otherwise act like a monopoly.
  • The reason for secrecy is that such behavior is illegal in the United States as well as most other countries.

  • Two types:

    • Explicit collusion
    • Implicit collusion

  • The secretive nature of most explicit collusion makes it very difficult to know when and where it occurs.

  • Implicit collusion is even more difficult to identify.


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AGGREGATE DEMAND CURVE

A graphical representation of the relation between aggregate expenditures on real production and the price level, holding all ceteris paribus aggregate demand determinants constant. The aggregate demand (AD) curve is one side of the graphical presentation of the aggregate market. The other side is occupied by the long-run aggregate supply curve and/or the short-run aggregate supply curve. The negative slope of the aggregate demand curve captures the inverse relation between aggregate expenditures on real production and the price level. This negative slope is attributable to the interest-rate, real-balance, and net-export effects.

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Today, you are likely to spend a great deal of time at a flea market seeking to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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