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COLLUSION: A usually secret agreement among competing firms (mostly oligopolistic firms) in an industry to control the market, raise the market price, and otherwise act like a monopoly. The reason for the secrecy is that such behavior is illegal in the United States under antitrust laws. Collusion is a characteristic trait of oligopolistic industries. Intense competition and interdependent decision-making encourages oligopolistic firms to cooperate. One way to lessen the competition among an oligopolistic rival is to join forces through collusion. (The other way is through merger, but that's another entry.)
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OTHER PRICES, DEMAND DETERMINANT The prices of other goods that influence the decision to purchase a particular good, which are assumed constant when a demand curve is constructed. Other prices can be for goods that are either substitutes-in-consumption or complements-in-consumption. This is one of five demand determinants that shift the demand curve when they change. The other four are other prices, buyers' preferences, buyers' expectations, and number of buyers.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for the happiest person in the room.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Don't be distracted by criticism. Remember the only taste of success some people have is when they take a bite out of you." -- Zig Ziglar
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