Cartels engage in price fixing in order to

Question

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Cartels engage in price fixing in order to increase profits by colluding to set higher prices than they would be able to achieve in a competitive market. By controlling the market in this way, they are able to limit supply and maintain higher prices, resulting in increased revenue and profits for the cartel members. Price fixing is illegal in many countries, as it can harm consumers and limit market competition.

Cartels Engage in Price Fixing in Order to