Definition of Collusion:
Collusion can take many forms across different market types. In each scenario, groups collectively obtain an unfair advantage. One of the most common ways of colluding is price fixing. Price fixing occurs when there are a small number of companies, commonly referred to as an oligopoly, in a particular supply marketplace. This limited number of businesses offer the same product and form an agreement to set the price level. Prices may be forcibly lowered to drive out smaller competitors or may have an inflated level to support the interest of the group at a disadvantage to the buyer. Overall, price fixing can eliminate or reduce competition while also leading to even higher barriers for new entrants.
Improper secret agreement between two or more entities, to defraud or deprive others of their property or rightful share, or to otherwise indulge in a forbidden, illegal, or illegitimate activity.
Collusion is a non-competitive, secret, and sometimes illegal agreement between rivals which attempts to disrupt the market's equilibrium. The act of collusion involves people or companies which would typically compete against one another, but who conspire to work together to gain an unfair market advantage. The colluding parties may collectively choose to influence the market supply of a good or agree to a specific pricing level which will help the partners maximize their profits at the detriment of other competitors. It is common among duopolies.
Secret or illegal cooperation or conspiracy, especially in order to cheat or deceive others.
Synonyms of Collusion
Accompaniment, Accordance, Agreement, Alliance, Artifice, Association, Bipartisanship, Cabal, Cahoots, Chicane, Chicanery, Co-working, Coaction, Coadjuvancy, Coadministration, Coagency, Cochairmanship, Codirectorship, Coincidence, Collaboration, Collaborativeness, Collectivism, Collectivity, Combination, Combined effort, Commensalism, Common effort, Common enterprise, Communalism, Communism, Communitarianism, Community, Complicity, Complot, Concert, Concerted action, Concomitance, Concord, Concordance, Concourse, Concurrence, Confederacy, Confluence, Conjunction, Connivance, Connivery, Consilience, Conspiracy, Contrivance, Contriving, Cooperation, Cooperativeness, Correspondence, Counterplot, Covin, Deep-laid plot, Dodgery, Duet, Duumvirate, Ecumenicalism, Ecumenicism, Ecumenism, Engineering, Esprit, Esprit de corps, Fellow feeling, Fellowship, Finagling, Finesse, Foul play, Frame-up, Game, Harmony, Intrigue, Joining of forces, Joint effort, Joint operation, Junction, Little game, Machination, Maneuvering, Manipulation, Mass action, Morale, Mutual assistance, Mutualism, Mutuality, Octet, Parasitism, Pettifoggery, Pettifogging, Plot, Plotting, Pooling, Pooling of resources, Pulling together, Quartet, Quintet, Reciprocity, Rigging, Saprophytism, Scheme, Schemery, Scheming, Septet, Sextet, Sharp practice, Simultaneity, Skulduggery, Sleight, Solidarity, Stratagem, Supercherie, Symbiosis, Synchronism, Synergism, Synergy, Team spirit, Teamwork, Trick, Trickery, Trio, Triumvirate, Troika, Underhand dealing, Underplot, Union, United action, Web of intrigue, Wire-pulling, Conspiracy, Connivance, Complicity, Intrigue, Plotting, Secret understanding, Collaboration, Scheming
How to use Collusion in a sentence?
- Since the police officer was working in collusion with the drug dealer he did not arrest him even though he was seen selling drugs each night.
- The armed forces were working in collusion with drug traffickers.
- The two mafia bosses agreed formed a collusion to go up against the third boss in order to deprive him of all the money the three earned on their latest job.
- Antitrust and whistleblower laws help to deter collusion.
- The union president was arrested for collusion after it was found out that he was meeting illegally with the companys president to undermine the new contract.
- Acts of collusion include price fixing, synchronized advertising, and sharing insider information.
- Collusion occurs when entities or individuals work together to influence a market or pricing for their own advantage.
Meaning of Collusion & Collusion Definition