Cartel - Revision history

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energy>Jmdonev at 20:14, 15 July 2026

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	[[File:Cartel- OPEC.jpg\|450px\|thumb\|right\|Figure 1. The headquarters of [[OPEC]] in Vienna, Austria<ref>By DALIBRI - Own work, CC BY-SA 3.0, [Online], Available: https://commons.wikimedia.org/w/index.php?curid=20982621.</ref>]]		[[File:Cartel- OPEC.jpg\|450px\|thumb\|right\|Figure 1. The headquarters of [[OPEC]] in Vienna, Austria<ref>By DALIBRI - Own work, CC BY-SA 3.0, [Online], Available: https://commons.wikimedia.org/w/index.php?curid=20982621.</ref>]]
	<onlyinclude>When firms agree to [[collusion \| collude]], that is they agree to a certain price and quantity for a good or service, they create a '''cartel'''. A cartel is a type of [[oligopoly]].</onlyinclude><ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. New York: Worth Publishers, 2013, pp. 643.</ref> As cartels are formed and operate in secret, it is up to the members of the cartel to keep their agreement ~~in tact~~. The firms must trust each other not to drop their price to undercut the others or increase their output.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-363?rskey=cp2GJC&result=1, 2009 [Aug 14, 2016]</ref> This is difficult to ensure as firms may have different [[production cost]]s and therefore require more of the profit to meet their [[cost]]s. This difference means that there is less control over the [[market]] than there would be under a [[monopoly \| monopoly structure]].<ref> "A Dictionary of Economics" entry: cartel, published Oxford University Press, 2013. Edited by John Black, Nigar Hashimzade, and Gareth Myles Online version accessed [August 17th, 2017].</ref>		<onlyinclude>When firms agree to [[collusion \| collude]], that is they agree to a certain price and quantity for a good or service, they create a '''cartel'''. A cartel is a type of [[oligopoly]].</onlyinclude><ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. New York: Worth Publishers, 2013, pp. 643.</ref> As cartels are formed and operate in secret, it is up to the members of the cartel to keep their agreement intact. The firms must trust each other not to drop their price to undercut the others or increase their output.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-363?rskey=cp2GJC&result=1, 2009 [Aug 14, 2016]</ref> This is difficult to ensure as firms may have different [[production cost]]s and therefore require more of the profit to meet their [[cost]]s. This difference means that there is less control over the [[market]] than there would be under a [[monopoly \| monopoly structure]].<ref> "A Dictionary of Economics" entry: cartel, published Oxford University Press, 2013. Edited by John Black, Nigar Hashimzade, and Gareth Myles Online version accessed [August 17th, 2017].</ref>

	Cartels can be legal, illegal, national or international and can emerge in almost any market ~~from~~ the market for steel to the market for cocaine (as ~~an example~~).<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "International Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3718?rskey=cp2GJC&result=2, 2009 [Aug 14, 2016]</ref> The [[OPEC \| Organization of Petroleum Exporting Countries]] is one such example of an [[international cartel]]. The governments of the OPEC countries agreed to coordinate with petroleum firms (both state owned and private) in order to manipulate the world wide oil [[supply]] and therefore the price of [[crude oil \| oil]]. OPEC has trouble cooperating, the 12 countries are not always able to coordinate policies to ensure their control over the market due to a large number of political and economic factors.<ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. pp. 445-446.</ref> Often times [[anti-trust legislation]] is put into place by governments to break up these cartels.		Cartels can be legal, illegal, national or international and can emerge in almost any market. As two extreme cases one could imagine the market for steel or the market for illegal drugs like cocaine (as two very different examples); a cartel just means a few sellers who work together to set prices.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "International Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3718?rskey=cp2GJC&result=2, 2009 [Aug 14, 2016]</ref> The [[OPEC \| Organization of Petroleum Exporting Countries]] is one such example of an [[international cartel]]. The governments of the OPEC countries agreed to coordinate with petroleum firms (both state owned and private) in order to manipulate the world wide oil [[supply]] and therefore the price of [[crude oil \| oil]]. OPEC has trouble cooperating, the 12 countries are not always able to coordinate policies to ensure their control over the market due to a large number of political and economic factors.<ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. pp. 445-446.</ref> Often times [[anti-trust legislation]] is put into place by governments to break up these cartels.

	'''For an excellent example please see '''[[OPEC]]'''.		'''For an excellent example please see '''[[OPEC]]'''.

Jmdonev: 1 revision imported

2020-01-31T05:09:56Z

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Energy>Jmdonev at 20:12, 16 January 2020

2020-01-16T20:12:26Z

← Older revision		Revision as of 20:12, 16 January 2020
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	[[File:Cartel- OPEC.jpg\|450px\|thumb\|right\|Figure 1. The headquarters of [[OPEC]] in Vienna, Austria<ref>By DALIBRI - Own work, CC BY-SA 3.0, [Online], Available: https://commons.wikimedia.org/w/index.php?curid=20982621.</ref>]]		[[File:Cartel- OPEC.jpg\|450px\|thumb\|right\|Figure 1. The headquarters of [[OPEC]] in Vienna, Austria<ref>By DALIBRI - Own work, CC BY-SA 3.0, [Online], Available: https://commons.wikimedia.org/w/index.php?curid=20982621.</ref>]]
	<onlyinclude>When firms agree to [[collusion \| collude]], that is they agree to a certain price and quantity for a good or service, they create a '''cartel'''. A cartel is a type of [[oligopoly]].</onlyinclude><ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. New York: Worth Publishers, 2013, pp. 643.</ref> As cartels are formed and operate in secret, it is up to the members of the cartel to keep their agreement in tact. The firms must trust each other not to drop their price to undercut the others or increase their output.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-363?rskey=cp2GJC&result=1, 2009 [Aug 14, 2016]</ref> This is difficult to ensure as firms may have different [[production cost]]s and therefore require more of the profit to meet their [[cost]]s. This difference means that there is less control over the [[market]] than there would be under a [[monopoly \| monopoly structure]].<ref> "A Dictionary of Economics" entry: cartel, published Oxford University Press, 2013. Edited by John Black, Nigar Hashimzade, and Gareth Myles Online version accessed [August 17th, 2017].</ref>		<onlyinclude>When firms agree to [[collusion \| collude]], that is they agree to a certain price and quantity for a good or service, they create a '''cartel'''. A cartel is a type of [[oligopoly]].</onlyinclude><ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. New York: Worth Publishers, 2013, pp. 643.</ref> As cartels are formed and operate in secret, it is up to the members of the cartel to keep their agreement in tact. The firms must trust each other not to drop their price to undercut the others or increase their output.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-363?rskey=cp2GJC&result=1, 2009 [Aug 14, 2016]</ref> This is difficult to ensure as firms may have different [[production cost]]s and therefore require more of the profit to meet their [[cost]]s. This difference means that there is less control over the [[market]] than there would be under a [[monopoly \| monopoly structure]].<ref> "A Dictionary of Economics" entry: cartel, published Oxford University Press, 2013. Edited by John Black, Nigar Hashimzade, and Gareth Myles Online version accessed [August 17th, 2017].</ref>
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	Cartels can be legal, illegal, national or international and can emerge in almost any market from the market for steel to the market for cocaine (as an example).<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "International Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3718?rskey=cp2GJC&result=2, 2009 [Aug 14, 2016]</ref> The [[OPEC \| Organization of Petroleum Exporting Countries]] is one such example of an [[international cartel]]. The governments of the OPEC countries agreed to coordinate with petroleum firms (both state owned and private) in order to manipulate the world wide oil [[supply]] and therefore the price of [[crude oil \| oil]]. OPEC has trouble cooperating, the 12 countries are not always able to coordinate policies to ensure their control over the market due to a large number of political and economic factors.<ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. pp. 445-446.</ref> Often times [[anti-trust legislation]] is put into place by governments to break up these cartels.		Cartels can be legal, illegal, national or international and can emerge in almost any market from the market for steel to the market for cocaine (as an example).<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "International Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3718?rskey=cp2GJC&result=2, 2009 [Aug 14, 2016]</ref> The [[OPEC \| Organization of Petroleum Exporting Countries]] is one such example of an [[international cartel]]. The governments of the OPEC countries agreed to coordinate with petroleum firms (both state owned and private) in order to manipulate the world wide oil [[supply]] and therefore the price of [[crude oil \| oil]]. OPEC has trouble cooperating, the 12 countries are not always able to coordinate policies to ensure their control over the market due to a large number of political and economic factors.<ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. pp. 445-446.</ref> Often times [[anti-trust legislation]] is put into place by governments to break up these cartels.

	'''For ~~More information~~ see '''[[OPEC]]'''.		'''For an excellent example please see '''[[OPEC]]'''.

	==~~See Also~~==		==For Further Reading==
	*[[Collusion]]		*[[Collusion]]
	*[[Oligopoly]]		*[[Oligopoly]]
	*[[OPEC]]		*[[OPEC]]
	*[[Anti-trust legislation]]		*[[Anti-trust legislation]]
			*Or explore a [[Special:Random\|random page]]

	==References==		==References==
	{{reflist}}		{{reflist}}
			[[Category: Uploaded]]

Jmdonev: 1 revision imported

2017-08-29T01:47:28Z

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Jmdonev at 20:27, 17 August 2017

2017-08-17T20:27:07Z

← Older revision		Revision as of 20:27, 17 August 2017
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	[[Category:Done ~~2016~~-04-30]]		[[Category:Done 2017-07-01]]
	[[File:Cartel- OPEC.jpg\|450px\|thumb\|right\|Figure 1. The headquarters of [[OPEC]] in Vienna, Austria<ref>By DALIBRI - Own work, CC BY-SA 3.0, [Online], Available: https://commons.wikimedia.org/w/index.php?curid=20982621.</ref>]]		[[File:Cartel- OPEC.jpg\|450px\|thumb\|right\|Figure 1. The headquarters of [[OPEC]] in Vienna, Austria<ref>By DALIBRI - Own work, CC BY-SA 3.0, [Online], Available: https://commons.wikimedia.org/w/index.php?curid=20982621.</ref>]]
	<onlyinclude>When firms agree to [[collusion \| collude]], that is they agree to a certain price and quantity for a good or service, they create a '''cartel'''. A cartel is a type of [[oligopoly]].</onlyinclude><ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. New York: Worth Publishers, 2013, pp. 643.</ref> As cartels are formed and operate in secret, it is up to the members of the cartel to keep their agreement in tact. The firms must trust each other not to drop their price to undercut the others or increase their output.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-363?rskey=cp2GJC&result=1, 2009 [Aug 14, 2016]</ref> This is difficult to ensure as firms may have different [[production cost]]s and therefore require more of the profit to meet their [[cost]]s. This difference means that there is less control over the [[market]] than there would be under a [[monopoly \| monopoly structure]].<ref>~~Investopedia.~~ "~~Cartel.~~" ~~[Online], Available~~: ~~http://www.investopedia.com/terms/c/~~cartel.~~asp~~ [~~Aug 14~~, ~~2016~~].</ref>		<onlyinclude>When firms agree to [[collusion \| collude]], that is they agree to a certain price and quantity for a good or service, they create a '''cartel'''. A cartel is a type of [[oligopoly]].</onlyinclude><ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. New York: Worth Publishers, 2013, pp. 643.</ref> As cartels are formed and operate in secret, it is up to the members of the cartel to keep their agreement in tact. The firms must trust each other not to drop their price to undercut the others or increase their output.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-363?rskey=cp2GJC&result=1, 2009 [Aug 14, 2016]</ref> This is difficult to ensure as firms may have different [[production cost]]s and therefore require more of the profit to meet their [[cost]]s. This difference means that there is less control over the [[market]] than there would be under a [[monopoly \| monopoly structure]].<ref> "A Dictionary of Economics" entry: cartel, published Oxford University Press, 2013. Edited by John Black, Nigar Hashimzade, and Gareth Myles Online version accessed [August 17th, 2017].</ref>

	Cartels can be legal, illegal, national or international and can emerge in almost any market from the market for steel to the market for cocaine (as an example).<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "International Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3718?rskey=cp2GJC&result=2, 2009 [Aug 14, 2016]</ref> The [[OPEC \| Organization of Petroleum Exporting Countries]] is one such example of an [[international cartel]]. The governments of the OPEC countries agreed to coordinate with petroleum firms (both state owned and private) in order to manipulate the world wide oil [[supply]] and therefore the price of [[crude oil \| oil]]. OPEC has trouble cooperating, the 12 countries are not always able to coordinate policies to ensure their control over the market due to a large number of political and economic factors.<ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. pp. 445-446.</ref> Often times [[anti-trust legislation]] is put into place by governments to break up these cartels.		Cartels can be legal, illegal, national or international and can emerge in almost any market from the market for steel to the market for cocaine (as an example).<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "International Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3718?rskey=cp2GJC&result=2, 2009 [Aug 14, 2016]</ref> The [[OPEC \| Organization of Petroleum Exporting Countries]] is one such example of an [[international cartel]]. The governments of the OPEC countries agreed to coordinate with petroleum firms (both state owned and private) in order to manipulate the world wide oil [[supply]] and therefore the price of [[crude oil \| oil]]. OPEC has trouble cooperating, the 12 countries are not always able to coordinate policies to ensure their control over the market due to a large number of political and economic factors.<ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. pp. 445-446.</ref> Often times [[anti-trust legislation]] is put into place by governments to break up these cartels.

Jmdonev: 1 revision imported: From the summer

2016-09-17T22:29:44Z

1 revision imported: From the summer

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Jmdonev at 21:48, 25 August 2016

2016-08-25T21:48:31Z

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[[Category:Done 2016-04-30]]
[[File:Cartel- OPEC.jpg|450px|thumb|right|Figure 1. The headquarters of [[OPEC]] in Vienna, Austria<ref>By DALIBRI - Own work, CC BY-SA 3.0, [Online], Available: https://commons.wikimedia.org/w/index.php?curid=20982621.</ref>]]
<onlyinclude>When firms agree to [[collusion | collude]], that is they agree to a certain price and quantity for a good or service, they create a '''cartel'''. A cartel is a type of [[oligopoly]].</onlyinclude><ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. New York: Worth Publishers, 2013, pp. 643.</ref> As cartels are formed and operate in secret, it is up to the members of the cartel to keep their agreement in tact. The firms must trust each other not to drop their price to undercut the others or increase their output.<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-363?rskey=cp2GJC&result=1, 2009 [Aug 14, 2016]</ref> This is difficult to ensure as firms may have different [[production cost]]s and therefore require more of the profit to meet their [[cost]]s. This difference means that there is less control over the [[market]] than there would be under a [[monopoly | monopoly structure]].<ref>Investopedia. "Cartel." [Online], Available: http://www.investopedia.com/terms/c/cartel.asp [Aug 14, 2016].</ref>

Cartels can be legal, illegal, national or international and can emerge in almost any market from the market for steel to the market for cocaine (as an example).<ref>J.Black, N. Hashimzade, and G. Myles. (2009) "International Cartel." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3718?rskey=cp2GJC&result=2, 2009 [Aug 14, 2016]</ref> The [[OPEC | Organization of Petroleum Exporting Countries]] is one such example of an [[international cartel]]. The governments of the OPEC countries agreed to coordinate with petroleum firms (both state owned and private) in order to manipulate the world wide oil [[supply]] and therefore the price of [[crude oil | oil]]. OPEC has trouble cooperating, the 12 countries are not always able to coordinate policies to ensure their control over the market due to a large number of political and economic factors.<ref>A. Goolsbee, S. Levitt and C. Syverson. ‘’Microeconomics’’. pp. 445-446.</ref> Often times [[anti-trust legislation]] is put into place by governments to break up these cartels.

'''For More information see '''[[OPEC]]'''.

==See Also==
*[[Collusion]]
*[[Oligopoly]]
*[[OPEC]]
*[[Anti-trust legislation]]

==References==
{{reflist}}