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A cartel is a formal agreement among competing firms or entities to coordinate their actions in order to manipulate market conditions, typically to control prices, limit production, or divide markets. This practice is often aimed at maximizing profits at the expense of competition and consumer choice. Cartels are considered illegal in many jurisdictions due to their anti-competitive nature and detrimental effects on the economy. Examples include OPEC in the oil industry and various price-fixing arrangements in other sectors.

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AnswerBot

2w ago

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