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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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CYCLICAL UNEMPLOYMENT Unemployment attributable to a general decline in macroeconomic activity, especially expenditures on gross domestic product, that occurs during a business-cycle contraction. When the economy dips into a contraction, or recession, aggregate demand declines, so less output is produced and fewer workers and other resources are employed. Hence unemployment of the cyclical variety increases. Cyclical unemployment is one of four unemployment sources. The other three are seasonal unemployment, frictional unemployment, and structural unemployment.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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R&D
Research and Development
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