Definition: A cartel is the term used to describe a group of companies or governments working together in order to completely and totally control a market. One tactic to increase profit margins is to limit production so product supply drastically increases. The United States has laws against forming or operating in a cartel; John D. Rockefeller and his company, Standard Oil, were perhaps the members of the most famous "cartel".
Cartel
By Joshua Kennon, About.com
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