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PRICE CEILING: A legally established maximum price. The government is occasionally inclined to keep the price of one good or another from rising too high. Examples include apartments, gasoline, and natural gas. While the goal is invariably a noble one--like keeping stuff affordable for poor people--a price ceiling often does more harm than good. First, it usually creates a shortage, meaning that many of the buyers who being protected against high prices, can't even buy the good. Second, as a consequence of this shortage, a price ceiling is likely to generate a black market where the good is sold illegally above the price ceiling.
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EXPLICIT COLLUSION: A formal, usually secret, collusion agreement among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the market price, and otherwise act like a monopoly. Also termed overt collusion, the distinguishing feature of explicit collusion is a formal agreement. This should be contrasted with implicit or tacit collusion that does not involve a formal, explicit agreement. See also | collusion | oligopoly | industry | market control | price | monopoly | competition among the few | overt collusion | implicit collusion | cartel | antitrust laws |
Recommended Citation:EXPLICIT COLLUSION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 26, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: explicit collusion
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LONG-RUN AGGREGATE SUPPLY CURVE A graphical representation of the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The long-run aggregate supply curve, abbreviated LRAS, is one of two curves that graphically capture the supply-side of the aggregate market. The other is the short-run aggregate supply curve. The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical long-run aggregate supply curve captures the independent relation between real production and the price level that exists in the long run.
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PINK FADFLY
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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for letters from the Internal Revenue Service.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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LPG
Liquid Petroleum Gas
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