A group of producers that collude to restrict the quantity of output to maximize profits is called a:

Name: A group of producers that collude to restrict the quantity of output to maximize profits is called a:
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Question

Quizplus · Accepted Answer

A cartel is a group of independent market participants who collude with each other in order to improve their profits and dominate the market by fixing prices, limiting supply, or other means. This definition directly matches the description given in the question.

A Group of Producers That Collude to Restrict the Quantity