When firms get together and agree on prices and output,it is called

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When firms get together and agree on prices and output, it is called collusion. This is an illegal practice that undermines fair competition and harms consumers. Price leadership refers to a situation where one firm sets the price for the industry, monopolistic competition refers to a market structure where there are many small players with differentiated products, the rule of reason is a legal principle used to evaluate antitrust violations, and intermediation refers to the process of connecting buyers and sellers through intermediaries such as brokers or marketplaces.

When Firms Get Together and Agree on Prices and Output,it