Question

Explain the concept
of Cartels, give an
example of a Cartel​

Answer 1

Answer:

A cartel is defined as a group of firms that gets together to make output and price decisions. The organization of petroleum‐exporting countries (OPEC) is perhaps the best‐known example of an international cartel; OPEC members meet regularly to decide how much oil each member of the cartel will be allowed to produce.

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