A number of firms agreeing together to restrict output and thereby raise prices is known as

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A cartel is a group of firms that agree to restrict output and raise prices in order to increase their profits. This is often done by setting quotas on production or allocating market shares among the members of the cartel. The most well-known example of a cartel is OPEC, which controls much of the world's oil production.

A Number of Firms Agreeing Together to Restrict Output and Thereby