Question 3   “In the meat market in US, there are 4 major meat corporations which have been accused of conspiracy to raise meat prices.  After a four-year legal battle, it’s unclear whether court settlements will discourage future collusion.”   a) What is the market structure described above? Discuss THREE (3) characteristics of this market structure.     b) Explain the meaning of collusion. What are its implications to the industry? Is collusion permitted in most countries?     c) State ONE (1) advantage and ONE (1) disadvantage of this market structure.

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