Firms that coordinate their actions to maximize joint profits are said to have formed a(n)

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A cartel is a group of firms that coordinate their actions to maximize joint profits by agreeing to limit output, fix prices or divide market shares. The goal of a cartel is to reduce competition and increase profits for its members. The most well-known example of a cartel is OPEC, which controls the supply and price of oil.

Firms That Coordinate Their Actions to Maximize Joint Profits Are