CARTEL

Cartel

A cartel is a formal "agreement" among competing firms. It is a formal organization of producers and manufacturers that agree to fix prices, marketing, and production. Cartels usually occur in an oligopolistic industry, where the number of sellers is small and the products being traded are usually homogeneous. Cartel members may agree on such matters as price fixing, total industry output, market shares, allocation of customers, allocation of territories, bid rigging, establishment of common sales agencies, and the division of profits or combination of these. The aim of such collusion is to increase individual members' profits by reducing competition.

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cartel

Noun

  1. A group of businesses or nations that collude to limit competition within an industry or market.
  2. A combination of political groups (notably parties) for common action.
  3. A written letter of defiance or challenge.
  4. An official agreement concerning the exchange of prisoners.
  5. A ship used to negotiate with an enemy in time of war, and to exchange prisoners.


The above text is a snippet from Wiktionary: cartel
and as such is available under the Creative Commons Attribution/Share-Alike License.

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