Cartel - Tax Ninja's Word of the Week

Cartel[ kahr-tel ]

Noun:

• an international syndicate, combine, or trust formed especially to regulate prices and output in some field of business.
• a coalition of political or special-interest groups having a common cause, as to encourage the passage of a certain law.
• a written agreement between belligerents, especially for the exchange of prisoners.
• a written challenge to a duel.

Brief Description: 

Cartel is a formal agreement among firms. Cartel members may agree on prices, total industry output, market shares, allocation of customers, allocation of territories, bid rigging, establishment of common sales agencies, and the division of profits or combination of these. Price-fixing and market-sharing cartels are illegal under competition law

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