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Cartels are corporations that control almost all of the production and sale of a single product.

true false

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User Xiu Shi
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1 Answer

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FALSE. Cartels are NOT CORPORATIONS that control almost all of the production and sale of a single product.

A cartel is an agreement between competing firms to control prices of goods. They may also come into agreement to hinder the entry of a new competitor.

A cartel rises in an oligopoly. This means that few sellers are in the market and these sellers control the price and production of various goods.
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User AndyTheEntity
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