An agreement among firms in a market about quantities to produce or prices to charge is called

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Collusion refers to an agreement among firms in a market about quantities to produce or prices to charge. Nash equilibrium is a concept in game theory that describes a stable state of a game in which no player can improve their payoff by unilaterally changing their strategy. Dominant strategy is a strategy that yields the highest payoff for a player regardless of the other players' strategies. Behavioral economics is a branch of economics that studies the effects of psychological, social, and cognitive factors on the economic decisions of individuals and institutions.

An Agreement Among Firms in a Market About Quantities to Produce