When producers agree to restrict output, raise the price, and increase profits, the agreement is called
A) a pricing agreement.
B) an oligopoly agreement.
C) a cartel agreement.
D) a monopoly agreement.

Question

Quizplus · Accepted Answer

A cartel agreement is when producers collaborate to control output and prices to increase profits, often seen in industries like oil.

When Producers Agree to Restrict Output, Raise the Price, and Increase