CARTEL
9 May 2016 By PDSNETA group of companies that together have a sufficiently large share of a particular product or industry so that they can force prices up by not competing with each other. An agreement is reached not to compete on price and what is effectively a monopoly is established. For example, the Organisation of Petroleum Exporting Countries (OPEC) controlled prices in the oil industry from 1973. A cartel is a type of monopoly and may be prevented by legislation, e.g. anti-trust laws in the USA.
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