Definition, Meaning & Synonyms
cartel
noun
/kɑːrˈtɛl/
Definition
A cartel is a formal agreement between competing firms to control prices or limit production to maximize profits.
Examples
- The oil cartel managed to keep prices high by restricting supply.
- Many countries have regulations to prevent the formation of cartels.
- The drug cartel was notorious for its violent tactics and control over the market.
Meaning
Cartels typically involve businesses that produce similar products or services and work together to influence market conditions.
Synonyms
- syndicate
- trust
- conglomerate
- association
