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

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A group of firms that collude to restrict output and raise prices is known as a cartel. This is typically done by setting production quotas for each member of the cartel, which limits the overall supply of the good or service in question. The most well-known example of a cartel is OPEC, the group of oil-producing nations that work together to control the global price of oil. Cartels are generally seen as anti-competitive and are often regulated by governments to prevent them from unfairly manipulating markets.

A Number of Firms Agreeing Together to Restrict Output and Thereby