How did a cartel control prices?

History

1 answer:

ankoles [38]3 years ago

3 0

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.

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