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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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VARIABLE COST In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount produced. If there is no production, then there is no variable cost.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for attractive cable television service repair people.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Nothing will ever be attempted if all possible objections must first be overcome. " -- Samuel Johnson, essayist, critic, lexicographer
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AFEA
American Farm Economic Association
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