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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
cartel
n
Example
The cartel of diamond producers regulates the supply and pricing of diamonds, exerting significant influence on the global diamond market.
The automobile manufacturers cartel strategically coordinates production levels and pricing to maintain stability within the industry.
In the pharmaceutical industry, companies may form a cartel to collectively control drug prices and market share.
Certain agricultural cartels collaborate to fix prices and control the distribution of crops, impacting the agricultural sector's dynamics.
Cartels often engage in price fixing to control market prices and limit competition, resulting in higher prices for consumers.
