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OVERT COLLUSION: A formal, usually secret, collusion agreement among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the market price, and otherwise act like a monopoly. Also termed explicit collusion, the distinguishing feature of overt collusion is a formal agreement. This should be contrasted with implicit or tacit collusion that does not involve a formal, explicit agreement.
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AUTONOMOUS GOVERNMENT PURCHASES Government purchases by the government sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in government purchases. Autonomous government purchases are best thought of as government purchases that the government sector undertake independent of income. They are measured by the intercept term of the government purchases line. The alternative to autonomous government purchases is induced government purchases, which do depend on income.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for mail order catalogs with hidden messages.
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In the early 1900s around 300 automobile companies operated in the United States.
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"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living." -- Nelson Mandela
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Income, Nominal Gross National Product
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