Because I’m currently taking my Economics Management Course, I stumbled upon this term – which I think is very relevant in everyday situations (gas, telecommunications). So what is it really?
Price Collusion is prohibited by law. It is a strategy slash treachery that firms practice where they keep the price of a product at a price higher than the normal or average price with the goal of receiving larger profits or cornering the market. This is done by a group of firms.
**Cartel — is the group of firms who are involved in Price Collusion.