A group of companies or countries that band together to control production and prices The most famous example of a cartel in the world economy is OPEC that was set up in 1960 to coordinate the production of oil, thus allowing better control over the market price
a group of producers in the same industry who coordinate pricing and production decisions (chapter 11)
A group of firms or countries that explicitly agree to set prices and/or limit output in order to raise profits OPEC (the Organization of Petroleum Exporting Countries) is an example of a cartel
A cartel is an association of similar companies or businesses that have grouped together in order to prevent competition and to control prices. a drug cartel. a group of people or companies who agree to sell something at a particular price in order to prevent competition and increase profits monopoly (from cartello, from carta; CARD). Organization of a few independent producers for the purpose of improving the profitability of the firms involved (see oligopoly). This usually involves some restriction of output, control of price, and allocation of market shares. Members of a cartel generally maintain their separate identities and financial independence while engaging in cooperative policies. Cartels can either be domestic (e.g., the historical example of the German IG Farben) or international (e.g., OPEC). Because cartels restrict competition and result in higher prices for consumers, they are outlawed in some countries. The only industry operating in the U.S. with a blanket exemption from the antitrust laws is major league baseball, but several U.S. firms have been given permission to participate in international cartels
a group of firms or nations that agrees to act as a monopoly and not compete with each other, in order to generate a competitive advantage in world markets
An organization of producers seeking to limit or eliminate competition among its members, most often by agreeing to restrict output to keep prices higher than would occur under competitive conditions Cartels are inherently unstable because of the potential for producers to defect from the agreement and capture larger markets by selling at lower prices
an association of industrialists or nations formed to establish an international monopoly
An alliance or arrangement of independent sellers in the same field of business organized in order to function as a monopoly with respect to production or marketing of the commodity
A 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 Counties (O P E C ) controlled prices in the oil industry from 1973
a consortium of independent organizations formed to limit competition by controlling the production and distribution of a product or service; "they set up the trust in the hope of gaining a monopoly"
- explicit forms of collusion concerned with product price, output, service, or sales
An organization of independent producers formed to regulate the production, pricing, or marketing practices of its members in order to limit competition and maximize their market power