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Empirical evidence from several industries shows that periods of high prices alternate with periods of lowprices. This cyclical pattern of prices may arise as the

Empirical evidence from several industries shows that periods of high prices alternate with periods of lowprices. This cyclical pattern of prices may arise as the outcome of periodical "price-wars" firms would engagein to sustain tacit collusion. Briefly illustrate and discuss the logic of this explanation.

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