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international cartel

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A collusion or an explicit agreement among firms from two or more countries on prices, market shares, allocation of customers, division of profits, etc. with the purpose of increasing the profits of individual members by reducing competition. It is more likely to exist in an oligopolistic industry with homogenous output. International competition authorities forbid cartels. See also anti-competitive practice; antitrust; cartel.

Subjects: Social sciencesEconomics

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