What is a Cartel? Comment upon the stability of a cartel

A cartel is an association of independent businesses formed to regulate the production, pricing, and marketing of goods and services among its members. These entities collaborate to control market behavior, often aiming to increase profits by reducing competition within their industry. Cartels typically operate in industries where a limited number of firms dominate the market, such as oil, diamonds, or certain agricultural products.

Cartels primarily function by coordinating the actions of their member firms. They establish agreements regarding pricing strategies, production levels, market shares, and sometimes even territories. By doing so, they aim to avoid the competitive _________ __________ ___ ________ ________ ________ _________ ____ _____ ___.
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