Lia Vitzilaiou, Mar 30, 2011
Cartels typically involve private agreements that limit quantities sold, thereby effectively raising prices; in turn this transfers income from buyers to sellers and reduces the allocative efficiency of the market mechanism. This market distortion is regarded as so detrimental to the institution of competition and to consumers, that strict enforcement of competition rules against cartels has been a top priority for most competition authorities globally.
The term
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