Definition, Meaning & Synonyms
cartel
noun
/kɑːrˈtɛl/
Definition
A cartel is a formal agreement between competing firms to control prices or exclude entry of a new competitor in a market.
Examples
- The oil cartel was able to maintain high prices by limiting production.
- Several companies formed a cartel to control the market and reduce competition.
Meaning
The term often refers to a group of businesses or organizations that work together to increase their profits by limiting competition.
Synonyms
- conspiracy
- trust
- syndicate