An agreement among firms regarding price and/or production levels is called

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Collusion is an agreement among firms regarding price and/or production levels. This is typically done to reduce competition and increase profits. Antitrust laws exist to prevent collusion and promote fair competition in markets. A Nash equilibrium, on the other hand, is a situation in which each firm is making the best decision given the decisions of other firms in the market. It is not necessarily an agreement among firms. Free-trade arrangements refer to agreements between countries to reduce barriers to trade, not between firms.

An Agreement Among Firms Regarding Price And/or Production Levels Is