cartel
Pronunciation
/kɑɹˈtɛɫ/

Definition & Meaning of "cartel"in English

Cartel
01

an agreement among independent entities, often businesses, to control prices, production, and distribution in a specific industry, reducing competition and increasing market power

Grammatical Information
Animacy status
Abstract
Composition
Simple
Countable
Plural form
cartels
Examples
The oil cartel, consisting of major petroleum-producing nations, collaborates to influence global oil prices and production levels.
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