Cartel Legal Meaning and Definition

Here is a simplified definition of the legal term Cartel.

Cartel (noun)

A cartel is a group composed of independent companies or individuals who collectively pool their resources with the intent of controlling or manipulating a market. This is done to achieve certain advantages, such as monopolizing a market sector or setting higher prices, which might not be possible if they were acting individually. Common examples include bidders agreeing on a minimum bid rate or oil companies deciding to decrease production to increase prices.