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Oligopoly - Coggle Diagram

- - - - Overt or formal collusion
        
        when firms make agreements amongst themselves to limit competition (two firms in a market may share out the new contract work between themselves).
        
        This is illegal but very difficult to prove however, this type is indicative of interdependence
        
        A wide-ranging agreement amongst several firms in a market is called a cartel
      - Tacit or informal collusion
        
        when firms do not make any formal agreements about co-operating together