3 years ago

Please help!!!

1 answer:

7 0

Monopoly : has one supplier of a product. The seller here has market power and can control both price and quantity

Collision: when competing firms make a secret agreement to try to control a market. Collusion (practiced by cartels) is illegal in the United States. It reduces the level of competition in a market. Is more difficult in markets with large numbers of buyers and sellers.

Monopolies and collusion among sellers:
eliminate competitionIn industries with less competition, prices are likely to be higher

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