cartel
B1CEFR level
30/100Rarity: fairly common
TechnicalRegister
Law noun
An unlawful arrangement between competitors to fix prices, restrict output or share markets.
The regulator imposed record fines on the members of the price-fixing cartel.
Business noun
A group of nominally independent producers who collude to fix prices or restrict output.
The cartel agreed to cut production quotas in a bid to prop up the sagging oil price.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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