Economics B A-Level
Tacit agreement
What Tacit agreement means in Economics B A-Level, as defined for Pearson Edexcel.
Definition of Tacit agreement
Check what you remember
Read the wording for your board, then hide it and explain Tacit agreement in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: Pearson Edexcel
Unspoken, unwritten cooperation between firms in an oligopoly to limit competition, without any formal or explicit communication.
Topics that use Tacit agreement
- Oligopoly (Pearson Edexcel A-Level)
Related terms
- Competition regulation
- Concentration ratio
- Market power
- Monopoly power
- Non-price competition
- Oligopoly
- Price discrimination
- Price stability
Using Tacit agreement in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
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