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TACIT COLLUSION: Seemingly independent, but parallel actions among competing firms (mostly oligopolistic firms) in an industry that achieve higher prices and profits, much as if guided by an explicit collusion agreement. Also termed implicit collusion, the distinguishing feature of tacit collusion is the lack of any explicit agreement. They key is that each firm seems to be acting independently, perhaps each responding to the same market conditions, but the end result is the same as an explicit agreement. This should be contrasted with explicit or overt collusion that does involve a formal, explicit agreement.

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EXPLICIT COST: An opportunity cost that involves a money payment and usually a market transaction. This should be contrasted with implicit cost that does NOT involve a money payment or a market transaction. Explicit cost is also termed out-of-pocket or accounting cost.

     See also | opportunity cost | money | market | implicit cost | normal profit | accounting cost | economic cost | scarcity |


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EXPLICIT COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 7, 2025].


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MARGINAL RETURNS

The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.

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Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for infected paper cuts.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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