cartel

Definition

A group of companies or countries which collectively attempt to affect market prices by controlling production and marketing. Illegal in the United States and the European Union. Very few major cartels exist; the most prominent example is OPEC, a cartel which can not be considered illegal because it is made up of sovereign states, not companies. also called trust.

Use cartel in a sentence

You should always avoid being considered as part of a cartel so that you do not lose your good reputation.

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My boss openly said that he wished our company and our cut-throat competitors could just come together to agree to set market prices as a cartel and avoid needless competition.

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One would find quite a lot of fascinating reading material if they were to take a look at the diamond cartel and how they've managed to keep control of the prices in that market.

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