Economics · Collusion and Competition Law

Consider the following statements regarding explicit collusion and the coordination of market output: A. Explicit (Overt) collusion occurs when firms in an oligopoly enter into formal written or verbal agreements to act as a single monopolist, setting total output where the cartel's marginal revenue equals the marginal cost of each individual member. B. To address the resulting market inefficiencies, the Competition Act, 2002 serves as the primary statutory framework in India to prohibit per se illegal practices like horizontal price-fixing and bid-rigging by cartels. Which of the above statements is/are correct?