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English definition of “cartel”

cartel

noun [C]
 
 
/kɑːˈtel/ usually disapproving
ECONOMICS a group of similar companies who agree prices between them in order to increase profits and limit competition: operate/form a cartel Supermarkets were accused of operating a cartel on the price of many staple foods. a banking/oil cartel a price-fixing/illegal/drugs cartel
(Definition of cartel from the Cambridge Business English Dictionary © Cambridge University Press)
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