A cartel is an organization of firms in which there is a dominant firm which dictates price and output decisions to the other member firms.

Name: A cartel is an organization of firms in which there is a dominant firm which dictates price and output decisions to the other member firms.
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Question

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A cartel is an agreement between competing firms to control prices or limit production, but it does not necessarily involve a dominant firm dictating terms.

A Cartel Is an Organization of Firms in Which There