The term collusion best fits which of the following descriptions?
a. a condition of the industry that falls between the extremes of monopolistic and perfectly competitive
b. a situation in which many firms act as price-takers producing a homogenous good
c. the situation in which firms act together to behave like a monopoly by holding quantity low and price high
d. a condition of the industry in which many firms compete to sell similar but differentiated products
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