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Fines and imprisonment to companies that collude and their executives who are personally liable. Detect collusion by screening markets for suspicious pricing activity and high profitability. Provide immunity (leniency) to the first company to confess and provide the government with information about the collusion. [34]
Tacit collusion is a collusion between competitors who do not explicitly exchange information but achieve an agreement about coordination of conduct. [1] There are two types of tacit collusion: concerted action and conscious parallelism.
Headquarters of the Rhenish-Westphalian Coal Syndicate, Germany (at times the best known cartel in the world), around 1910. A cartel is a group of independent market participants who collude with each other as well as agreeing not to compete with each other [1] in order to improve their profits and dominate the market.
Interdependence in oligopolies is reduced when firms collude, because there is a lessened need for firms to anticipate the actions of other firms in relation to prices. Collusion closes the gap in the asymmetry of information typically present in a market of competing firms.
Price fixing is an anticompetitive agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand.
Bid rigging is a fraudulent scheme in a procurement action which enables companies to submit non-competitive bids. It can be performed by corrupt officials, by firms in an orchestrated act of collusion, or by officials and firms acting together.
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A monopoly (from Greek μόνος, mónos, 'single, alone' and πωλεῖν, pōleîn, 'to sell') is a market in which one person or company is the only supplier of a particular good or service.