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PRICE FIXING: An agreement by two or more firms in an industry to charge the same price and avoid competing with each other. This is one of the methods businesses use to practice collusion or form a cartel. It is, by the way, against antitrust law.
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IMPERFECT COMPETITION Markets or industries with two or more sellers and buyers that fail to match the criteria of perfect competition. The most noted examples of imperfect competition are the two market structures with selling-side control--monopolistic competition and oligopoly. Lesser known market structures with buying-side control--monopsonistic competition and oligopsony--are also considered as imperfect competition. Facing no competition, monopoly and monopsony are not included. Most real world markets can be considered imperfect competition.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a rim for your spare tire or decorative celebrity figurines. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"The only profit center is the customer." -- Peter Drucker, educator
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AP
Average Product
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