- noun a group of companies which try to fix the price or to regulate the supply of a product so that they can make more profit
- noun reasons for doing something
- noun a group of companies which try to fix the price, or to regulate the supply of a product, because they can then profit from this situation
(written as Cartel)A grouping of producers that acts as a monopoly. Suppliers of similar products may coordinate their behaviour implicitly or explicitly by setting common prices, sharing agreed market quotas, or acting in other ways as a single organization might act to increase profit (and prices). Professional organizations in health care often act as though they were cartels through such devices as negotiating a standard fee schedule (per item of service), banning advertising, making particular acts (such as performing injections) legal only for members (and illegal for members of closely related professionals).
Information & Library Science
- noun a group of companies who illegally and secretly agree to fix the price of their products in order to destroy the competition
- noun an alliance among parties or groups having common aims