USA HISTORY

Detailed explanation-1: -A cartel is a collection of independent businesses or organizations that collude to manipulate the price of a product or service. Cartels are competitors in the same industry and seek to reduce that competition by controlling pricing in agreement with one another.

Detailed explanation-2: -Some companies formed trusts. A trust is a combination of firms or corporations formed by a legal agreement, especially to reduce competition.

Detailed explanation-3: -A cartel is a group of sellers who agree to pool market power to act as a monopoly and thus increase profits.

Detailed explanation-4: -When firms act together in this way to reduce output and keep prices high, it is called collusion. A group of firms that have a formal agreement to collude to produce the monopoly output and sell at the monopoly price is called a cartel.

Detailed explanation-5: -What are Monopolistic Markets? Monopolistic markets are markets where a certain product or service is offered by only one company. A monopolistic market structure has the features of a pure monopoly, where a single company fully controls the market and determines the supply and price of a product or service.