In 2004, five chemical companies that sell food additives, such as sorbates, collaborated to control prices and to set sales volume quotas. The chemical companies created a:

Question

Quizplus · Accepted Answer

A cartel is a formal agreement among competing firms to control prices or exclude entry of a new competitor in a market, which matches the description of the actions taken by the five chemical companies.

In 2004, Five Chemical Companies That Sell Food Additives, Such