Businesses agreed to limit production.
Businesses agreed to limit production.
The name for a formal organization of producers that agree to coordinate prices and production is called a cartel.
a group of producers working together to raise prices and profits
OPEC
A Cartel
Businesses agreed to limit production.
To control competition and keep prices high
to control competition and keep prices high
OPEC is an example of a cartel, where member countries come together to coordinate and control oil production levels in order to stabilize prices and ensure their collective interests are met.
The name for a formal organization of producers that agree to coordinate prices and production is called a cartel.
A cartel.
A system of commerce where several companies work together to control competition and prices is called a cartel. OPEC is an example of this principle.
a group of producers working together to raise prices and profits
OPEC
A cartel is an agreement between competing firms to control prices or limit competition in a specific market, often through collusion. A trust is a legal entity created to combine multiple businesses under common ownership to reduce competition and control markets. Both aim to restrict competition but operate differently in terms of structure and legality.
The Sinaloa Cartel
Crude oil.