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16 January, 13:30

What is the name used to describe a consortium of independent organizations formed to limit competition by controlling the production, distribution and pricing of a product or service?

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  1. 16 January, 13:40
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    Cartel

    Explanation:

    According to sociology, a cartel is a formal group that is formed to make price decisions on a product or service. In other words, a cartel is a organization that is created from a formal agreement between producers of a product or service with the objective of regulate their supply or manipulate the prices and therefore, limiting the competition by controlling the production, distribution and pricing of the service they do. So, a cartel is an agreement between commercial enterprises.
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