A cartel is a group of producers that creates a formal written agreement specifying how much each member will produce and charge.
The professional sports leagues of baseball (American and National Leagues), football (National Football League), basketball (National Basketball Association), and hockey (National Hockey League) are unique to the American business landscape in that government has granted them legal cartel status.
The Organization of Petroleum Exporting Countries (OPEC) is the most significant international cartel. Cartels are illegal in the U.S., thus any collusion that exists is secret. There are also some illegal collusions in the history. Can you provide any from your reading?
Examples of these illegal, covert agreements include the 1993 collusion between dairy companies convicted of rigging bids for milk products sold to schools and, in 1996, American agribusiness Archer Daniels Midland, three Japanese firms, and a South Korean firm were found to have conspired to fix the worldwide price and sales volume of a livestock feed additive.
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Illegal Collusions in US
A cartel can be defined as the formal agreement between organizations or firms. Cartels are generally made for the price and production fixing. The allocation of territories and customers are also the part of the cartel. In the US, the cartels are illegal because they violate the right of the American consumers to anticipate the benefit of free and open competition in the market.
The cartels are illegal in the US that ...
Illegal collusions in the United States are determined. American business landscapes in the government are analyzed. The response addresses the queries posted in 302 Words, APA References