Evidence of a lack of competition or even collusion

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Competition at the Pump People often observe that prices of some items (gasoline prices, because they are very visible, are an example) charged by different sellers do not vary much and assume that this is evidence of a lack of competition or even collusion. (Collusion is a term used to describe an agreement among producers to not compete with one another.) How can the similarity of gasoline prices be used as evidence of a competitive, rather than an uncompetitive, market? Please make your initial post by midweek, and respond to at least one other student's post by the end of the week. Please check the Course Calendar for specific due dates.

Reference no: EM131238859

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