Meaning of Cartel - In some implicit or explicit forms...

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Meaning of Cartel: By Cartel we mean a combination of several firms into a group sharing an identical interest. When a large number of firms or industries join hands they enjoy extra power. They can exert considerable influence on the market conditions. They can charge exorbitantly high prices and exploit consumers. For this reason, cartels are normally banned in various nations.
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Unformatted text preview: In some implicit or explicit forms cartels do exist in different parts of the world. Generally cartel organizations take undue advantages of the loopholes in the legal provisions. Cartels are theoretically akin to monopolies but in practice are far more menacing and damaging in effect....
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