A situation in which each firm acts to raise the profits of its rivals (and of itself)without any formal agreement between firms is known as tacit collusion.

Name: A situation in which each firm acts to raise the profits of its rivals (and of itself)without any formal agreement between firms is known as tacit collusion.
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Question

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This is the definition of tacit collusion, where firms act in a way that benefits themselves and their competitors without any express agreement or coordination.

A Situation in Which Each Firm Acts to Raise the Profits