Government agencies like Philippine National Police / Bureau of Fire Protection (Only consumers)
Oligopoly - there are only a few producers that sell similar products/services
Collusion: sabwatan by means of alliances of enterprises
Consumers Act of the Philippines o Republic Act 9374 – such alliances are not allowed in the Philippines to care for the rights of the consumer
Adam Smith – People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice.
Example: Organization of Petroleum of Exporting Countries (OPEC)
Monopolistic competition – many producers and many producers
Product differentiation – the products being sold by different producers are not exactly alike, differences may be in packaging, labeling, presentation, or flavor
Economics For Beginners: Supply And Demand We've all heard the terms Supply & Demand before, but how much do you really know about one of the fundamental principals of economics? In this article, we'll cover the basics everyone needs to know.
Should the government intervene in economic matters?
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