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definition: a formal organization of producers that agree to coordinate their production and their prices to benefit the organization’s members
- Cartels are also illegal in the U.S. - OPEC (Organization of Petroleum Exporting Countries) is an oil cartel made up of countries - OPEC has to set price and production together, or it doesn’t work connected key terms:price fixing/collusion
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▪ diamond industry ▪ olive oil industry |