Monopolies- the exclusive possession or control of the supply or trade in a commodity or service.
Cartels- an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.
Explain the difference between a monopoly and an oligopoly, and a cartel. In a monopoly there is only one firm that supplies particular product/goods. ... A cartel is an agreement among competing firms. This is formal agreement among manufacturers or producers to fix prices, and the quantity produced.
