A group of producing countries that want to protect themselves from price fluctuations on goods traded internationally is called a(n)

Question

Quizplus · Accepted Answer

A cartel is a group of producers who come together to regulate the production, pricing, and marketing of a particular product. In doing so, they aim to protect themselves from price fluctuations on goods traded internationally. A community cartel or common cartel are not commonly used terms in economics, and a monopoly refers to a situation where one company has complete control over the market for a good or service.

A Group of Producing Countries That Want to Protect Themselves