Cartel
Definition
A formal agreement among competing firms to fix prices, restrict output, or divide markets. Generally illegal in advanced economies.
Example
OPEC behaves as a (legal-among-states) cartel coordinating oil output.
A formal agreement among competing firms to fix prices, restrict output, or divide markets. Generally illegal in advanced economies.
OPEC behaves as a (legal-among-states) cartel coordinating oil output.