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The agreement among firms in a market about quantities to produce or prices to charge is called collusion.
Combinations, agreements among the different sellers to increase or improve prices and decrease output in order to increase profits are referred to as collusion.
Collusion is different from the term cartel, does not always necessitate a formal agreement between members, whether public or private.
It is defined as an agreement between the firms in a market about amounts to create or prices to charge.
Therefore, collusion is defined as an agreement among firms in a market about quantities to produce or prices to charge.
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