OPEC
The name for a formal organization of producers that agree to coordinate prices and production is called a cartel.
Businesses agreed to limit production.
Businesses agreed to limit production.
a group of producers working together to raise prices and profits
A Cartel
Crude oil.
The name for a formal organization of producers that agree to coordinate prices and production is called a cartel.
A cartel.
Businesses agreed to limit production.
Businesses agreed to limit production.
a group of producers working together to raise prices and profits
cartel
A Cartel
A cartel is an agreement among competing firms. Prices, marketing, and production come with fixed prices. A centralized and market sharing cartel is loosely formed and distribution of profits are not determined in a perfect manner. Each market is able to change the product in small ways, so as not to produce the same product.
To control competition and keep prices high
A cartel
to control competition and keep prices high