Assume a group of coffee-producing countries meets annually to determine their levels of production and prices for the upcoming year. This would be an example of:

Question

Quizplus · Accepted Answer

A cartel is an organization of producers that agree to coordinate prices and production. In this scenario, coffee-producing countries meeting to determine their levels of production and prices fits the definition of a cartel, as they are coordinating to influence market conditions.

Assume a Group of Coffee-Producing Countries Meets Annually to Determine