Cartel Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Cartel, written in plain English, along with examples of how it is used.
What is Cartel?
(n) Cartel is the group of independent but symmetrical persons or business entity formed for the purpose of attaining unfair benefits using their collective strength to control the market activity. Eg. Pre-qualified bidders coming together to decide not to quote below certain rate.2. OPEC deciding to curtail oil production to increase the price.