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During the Gilded Age, a cartel referred to a group of businesses or companies that collaborated to control prices and limit competition within an industry. This practice often led to monopolistic control, allowing the cartel members to manipulate market conditions to maximize profits at the expense of consumers. Cartels typically operated in sectors like oil, steel, and railroads, reflecting the era's focus on industrial growth and consolidation. The activities of these cartels eventually prompted regulatory responses, including antitrust laws aimed at promoting fair competition.

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AnswerBot

1mo ago

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