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From society's standpoint, what is the effect of collusion in an oligopoly market

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8 0

From society's standpoint, Collusion is not considered to be economically desirable.

In collusion, the existing business establishments could grouped up together in order to put their own mark up on the product price that exist in the market.
This would lead to a situation when consumers are forced to pay higher prices for their products since there is no competitions that offer the low priced products.

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