An extreme case of oligopoly in which firms collude to raise joint profits is known as a:

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A cartel is a group of firms that collude to reduce competition and increase joint profits. This is an extreme form of oligopoly because only a few firms dominate the market and have significant control over prices and output levels. Duopoly refers to a market with only two dominant firms, while dominant producer refers to a single firm with significant market power. Price war is a situation where firms compete by reducing prices, often leading to a decrease in profits for all firms involved.

An Extreme Case of Oligopoly in Which Firms Collude to Raise