Convincing Features
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Aggressive competition among competitors in one industry may lead to a lose-lose situation which in the long run jeopardizes the whole industry. In this situation, the competing firms may decide to engage in collusion. Collusion is defined as collective attempts to reduce competition in a particular industry. OPEC is an example of explicit collusion. The collusion engages in petroleum output-fixing and price-fixing involving multiple countries that aim to increase joint profits.
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