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Do cartels work in controlling price? Use OPEC as your example your analysis.

Do cartels work in controlling price? Use OPEC as your example your analysis.

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ANSWER: Ofcourse yes, The cartel will control the competition on the prices by controlling the prices of the goods. Whenever once they are formed, cartels can fix the price for the members, So that the competition on price is avoided. In such a case cartels are also called as the price rings. They can also restrict the output that is released on to the market, such as with the OPEC and also oil production quotas and set rules that governs several other factors of the behaviour of members.

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