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Skopje for cartel: price-fixing agreements whereby firms agree to decrease output and raise prices in order to increase profits to monopoly-like levels. Cartels are an overt form of collusion. central bank: an economic institution with the responsibility of monitoring and regulating the nation’s banking system, and for controlling the growth and level of the nation’s money supply. In the United States, the Federal Reserve operates as the central bank. Coase theorem: a theory stating that individuals within the private sector can resolve an externality if property rights are well defined and the bargaining costs associated with resolving the externality are low. collective bargaining: the negotiation process by which employers and labor unions reach agreements regarding wages, fringe benefits, hiring practices, work and safety conditions, etc. collusion: non-competitive behavior designed to maximize the profits of an entire industry or set of firms, rather than the profits of one single firm. Skopje 2016.