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What is Understanding Cartels: Definition & Existence about?

A cartel is a group of independent market participants that collude to control prices or exclude entry of new competitors. Cartels can form when companies in the same industry agree to fix prices for their goods or services, control markets and customers, or restrict production in order to increase profits. Cartels are most likely to exist when there are few sellers in an industry and the product is standardized.

Author

neer2898

Language

EN