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g how is collusion used in oligopoly markets? what is a cartel? are they legal? give one example of either collusion or a cartel that has occurred in the past.

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When oligopoly enterprises collaborate and behave as one company, this is called collusion.

How is collusion used in oligopoly markets?

In order to limit output and obtain the monopoly price, cooperating enterprises must come to an explicit or tacit agreement. Oligopolistic businesses can raise prices, limit industrial output, and split profits among themselves by banding together. Collusion occurs when businesses cooperate to decrease output and maintain high prices.

What is a cartel?

A cartel is a group of people who come together to control the supply of a product in order to advance their own interests.

Cartels are typically regarded as illegal under antitrust laws in the United States. A drug cartel is referred to as a cartel in criminal law.

The Organization of the Petroleum Exporting Countries (OPEC) is frequently cited as an example of a cartel in the oil and gas sector.

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