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A behavior in which traders decide to cooperate in order to charge higher prices so as to obtain more profits. Examples are cartels (e.g. OPEC) and price leadership‐usually the large producers.

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Laspeyres Price Index

An index that measures the change in the value of the basket of goods and services actually purchased in the earlier of the two periods.

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Law of One Price (LOOP)

A situation where the unit price of a product is the same in all locations and time points, after adjusting for transfer costs.

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