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LSDefine

Simple English definitions for legal terms

collusion

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A quick definition of collusion:

Collusion is when two or more people secretly agree to cheat or do something illegal to harm someone else. In antitrust law, collusion happens when competitors at the same level agree to control prices or limit supply. This can happen by sharing information or dividing the market. Sometimes, companies in a concentrated market can create a monopoly by setting prices at a higher level than they should be. This is called tacit collusion and is not always illegal.

A more thorough explanation:

Collusion is a secret agreement between two or more parties to cheat or deceive a third-party or to achieve an illegal purpose.

In antitrust law, collusion refers to the illegal agreement between competitors to control or fix prices, limit supply, share insider information, or divide the market. There are two types of collusion:

  • Horizontal collusion: This occurs when competitors at the same market level agree to fix or control the prices they will charge for their respective goods or services. For example, two companies may agree to charge the same price for their products, even though they would normally compete on price.
  • Tacit collusion: This is the process by which firms in a concentrated market create monopoly power by setting their prices at a profit-maximizing, supra-competitive level after recognizing their shared economic interests and interdependence with respect to price and output decisions. This type of collusion is not in itself unlawful, but it can lead to antitrust violations.

For example, two gas stations in the same town might agree to charge the same price for gasoline, even though they would normally compete on price. This is an example of horizontal collusion. Alternatively, two airlines might agree to limit the number of flights they offer on a particular route, which would allow them to charge higher prices. This is an example of tacit collusion.

collision insurance coverage | collusive action

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Mostlylegal
12:54
me if you even care
have you heard of mewing
Mostlylegal
12:54
yes its fye
Mostlylegal
12:55
(thats not me thats the el paso shooter btw i just thought people would get that)
:o
Mostlylegal
12:56
did i fool you?!
noreaster
12:57
husband coming to live with me this summer
noreaster
12:57
woohoo
first power bottom president... besties we had JFK
noreaster
12:58
^
HOW COULD I FORGET RIP JFK YOU WOULD'VE LOVED $2 DRINK NIGHT IN THE GAY CLUBS
12:59
Anyone here going to Catholic or Drexel or NYLS ??
12-78-90live
13:00
Does anyone have confirmation on UConn’s class being full or not?
Mostlylegal
13:09
yeah its full, full of goobers!
they're arguing on the lawschooladmissions reddit rn about not applying to law school if you score below 150
guys i'll only say this one: do NOT apply to law school if you are only 150 rats in a trench coat pretending to be a person. everyone knows 150+ rats are needed to pass as a human being.
13:12
haha good one
i'm so glad we're finally talking about this here. the meme'ing is so good lmfao
13:13
bold of you to assume 150 rats < 1 human (infected with brain rot)
ClassyPleasantHeron
13:13
They've been arguing and memeing about that on Reddit for a few days now. All the poor sharks have waterski marks on their backs from all the jumping.
13:14
echo chamber > affirmation of beliefs > dopamine hit > mental gymnastics > think funny > 'Just trolling' > repeat. Sad state of reddit
Mostlylegal
13:14
classic nondenominational service
LMAOOOO it's so dumb man like i wish the biggest issue in my life was caring about the lsat score of others
13:16
lsat is the totem pole of law school. I for one will get a tattoo of my score to assert dominance both to peers and any teacher whom comes into contact with me
that's true honestly i saw how those rats in nosferatu can cause some damage in packs of like 50
13:17
opening line day 1 of 1L: 'So what did YOU get on the LSAT" if lower than me > wow u sugg. if higher than me > ur a liar!
Mostlylegal
13:17
who would win a >150 lsat or a law school
who will win: 50 rats or michigan admissions office
Mostlylegal
13:17
wait you guys are paying tuition???
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