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TACIT COLLUSION: Seemingly independent, but parallel actions among competing firms (mostly oligopolistic firms) in an industry that achieve higher prices and profits, much as if guided by an explicit collusion agreement. Also termed implicit collusion, the distinguishing feature of tacit collusion is the lack of any explicit agreement. They key is that each firm seems to be acting independently, perhaps each responding to the same market conditions, but the end result is the same as an explicit agreement. This should be contrasted with explicit or overt collusion that does involve a formal, explicit agreement.

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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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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for jovial bank tellers.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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