cartel

Definitions

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 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).

noun a group of similar companies which agree to control prices to prevent competition

noun a group of companies who illegally and secretly agree to fix the price of their products in order to destroy the competition

8 definitions in context