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The cartel that is concerned with the setting of policies and prices for the sale of oil is?

OPEC


What is the name for a formal organization of producers that agrees to coordinate prices and production called-?

The name for a formal organization of producers that agree to coordinate prices and production is called a cartel.


What is the name for a formal organization of producers that agree to coordinate prices and production?

A cartel.


How did a cartel control prices?

Businesses agreed to limit production.


How did cartel control prices?

Businesses agreed to limit production.


What is a cartel?

a group of producers working together to raise prices and profits


Which of these is a group of producers working together to raise prices and increase profits?

cartel


Which of these groups of producers working together to raise prices and increase profits?

A Cartel


What conditions should be fulfilled for existence of a cartel. what is a centralised and market sharing cartel?

A cartel is an agreement among competing firms. Prices, marketing, and production come with fixed prices. A centralized and market sharing cartel is loosely formed and distribution of profits are not determined in a perfect manner. Each market is able to change the product in small ways, so as not to produce the same product.


What is the primary goal of both a monopol and a cartel?

to control competition and keep prices high


What is the primary goal of both monopoly and a cartel?

To control competition and keep prices high


What is the name for a formal organization of producers that agrees to coordinate prices and production called what?

A cartel