Question

How did a cartel control prices?

Answer 1

Answer:

Businesses drove competitors out of business.

Explanation:

A price cartel that leads to an agreement by market participants to raise or lower the price of a certain group of goods or services. The most common cartel agreement in practice are price agreements (agreements to maintain a certain price). The possibility of concluding mixed cartels, which are concluded at tenders and envisage maintaining a certain price of the goods, is not ruled out. Since the price is one of the determining conditions of the contract, and tendering is a way of determining the parties to the contract, collusion at tenders is prohibited in many states.