Cartel is the word is been mentioned in so many places. I found in newspaper. I thought is was not important word. Until I saw the question given in NCERT solution for class 12 Economics practice paper. So I guess it is important after all.
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Usually used to denote bad companies or group of bad people too.
A Cartel is a group of companies. They take decision with coordination for supplying and setting prices. This is done to reap maximum profit. They jointly make take the benefits of monopoly.