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   What is a cartel in economics?

   • A cartel is a formal agreement between a group of producers of a good or service to control supply or to regulate or manipulate prices. Cartels often fix prices, define trading terms, and allocate trade or market share rules to achieve economies of scale. Cartels are illegal in the United States and regulated by anti-trust laws.

   What Is a Cartel? Definition, Examples, and Legality - Investopedia

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   What does Cartel mean?

   • Look up cartel in Wiktionary, the free dictionary. A cartel is a group of independent market participants who collude with each other as well as agreeing not to compete with each other [ 1 ] in order to improve their profits and dominate the market.

   Cartel - Wikipedia

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   How does a cartel control the market?

   • By acting as a collective entity, the cartel can restrict output, set higher prices, and limit competition in order to maximize the profits of the group. This allows the cartel to exercise significant control over the market, often at the expense of consumers who face higher prices and reduced choice.

   Cartels - (Principles of Economics) - Vocab, Definition ... - Fiveable

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   What is a cartel agreement?

   • A cartel agreement can hinder, restrict, or create false competition. Types of agreements among members of a cartel may include: Price cartels maintain or fix a minimum pricing strategy where members cannot sell products or services below the floor price. Members may also be required to raise prices in unison and avoid discount pricing.

   What Is a Cartel? Definition, Examples, and Legality - Investopedia

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   What does a price cartel do?

   • Price cartels maintain or fix a minimum pricing strategy where members cannot sell products or services below the floor price. Members may also be required to raise prices in unison and avoid discount pricing. Customers or regions may be divided among the members of a cartel to ensure an even flow of revenue.

   What Is a Cartel? Definition, Examples, and Legality - Investopedia

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   Why are cartels illegal?

   • Antitrust laws: Cartels are often illegal under antitrust laws, as they reduce competition and harm consumers through higher prices or reduced innovation. Price leadership: In some cartels, one dominant firm may act as a price leader, with other firms following its price changes.

   Explaining the Economics of Cartels I A Level and IB Economics - tutor2u

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2. www.investopedia.com › terms › cWhat Is a Cartel? Definition, Examples, and Legality

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   May 19, 2023 · A cartel is a collection of independent businesses or organizations that collude to manipulate the price of a product or service. Cartels are competitors in the same industry and...

3. www.economicshelp.org › blog › glossaryCartel definition - Economics Help

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   A cartel is a formal type of collusion. Cartels are considered to be against the public interest. This is because cartels aim to: Increase price. Distort normal workings of a competitive market. Redistribute income in society from consumers to powerful vested interests.

4. www.tutor2u.net › economics › referenceOligopoly - Explaining the Economics of Cartels I A ... - tutor2u

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   Jan 9, 2024 · Cartels are groups of independent producers who collude to set prices, production, or other business practices to achieve higher profits than they would under perfect competition.

5. Videos

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     Oligopolies, duopolies, collusion, and cartels | Microeconomics | Khan Academy

     27 Jan 2012

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     The Economics Behind Cartels Explained in One Minute: From Drugs to Oil (OPEC), Diamonds, etc.

     20 Feb 2020

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     Oligopoly: Cartel and Collusion (Explicitly Explained) in 5 MINS | Microeconomics Lumist

     23 Nov 2020

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6. www.britannica.com › money › cartelCartel | Price Fixing, Monopolies & Market Power | Britannica ...

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   Oct 1, 2024 · cartel, association of independent firms or individuals for the purpose of exerting some form of restrictive or monopolistic influence on the production or sale of a commodity. The most common arrangements are aimed at regulating prices or output or dividing up markets.

7. library.fiveable.me › key-terms › principles-econCartels - (Principles of Economics) - Vocab, Definition ...

   library.fiveable.me › key-terms › principles-econ

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   Definition. Cartels are formal agreements or arrangements between a group of producers or suppliers to control the production, pricing, and distribution of a product or service in order to maximize profits and minimize competition.

8. study.com › cartel-definition-economicsCartel in Economics | Definition, Types & Examples

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   Nov 21, 2023 · A cartel is defined in economics as a collaboration between two or more companies who attempt to manipulate the prices of a good or service. Often, the parties...

9. en.wikipedia.org › wiki › CartelCartel - Wikipedia

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   A cartel is an organization formed by producers to limit competition and increase prices by creating artificial shortages through low production quotas, stockpiling, and marketing quotas. Cartels can be vertical or horizontal but are inherently unstable due to the temptation to defect and falling prices for all members.