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A cartel is a formal (explicit) agreement among firms. Cartels usually
occur in an oligopolistic industry, where there are a small number of
sellers and usually involve homogeneous products. Cartel members may agree
on such matters as price fixing, total industry output, market shares,
allocation of customers, allocation of territories, bid rigging,
establishment of common sales agencies, and the division of profits or
combination of these. The aim of such collusion is to increase individual
member's profits by reducing competition. Competition laws forbid cartels.
Identifying and breaking up cartels is an important part of the competition
policy in most countries, although proving the existence of a cartel is
rarely easy, as firms are usually not so careless as to put agreements to
collude on paper.Khemani, R. S. and D. M. Shapiro (1993): Glossary of
Industrial Organisation Economics and Competition Law. Compiled by R. S.
Khemani and D. M. Shapiro,
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