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What is a cartel?

What is a cartel? Here are some definitions.

Noun
  1. (economics) A group of businesses or nations that collude to limit competition within an industry or market.
  2. (politics) A combination of political groups (notably parties) for common action.
  3. (historical) A written letter of defiance or challenge.
  4. (historical, law) An official agreement concerning the exchange of prisoners.
  5. (historical, nautical) A ship used to negotiate with an enemy in time of war, and to exchange prisoners.
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Examples
Competition thwarted this cartel when members reneged on the deal, exceeding their quotas.
In fact, a synthetic antimalarial called mepacrine was produced in the 1930s by the German chemical cartel IG Farben.
The Authority said it is very difficult to prove the existence of a cartel and pledged to monitor the situation in the town.
If these things had happened solely in the private sector, the members of the cartel would have been prosecuted under the Trade Practices Act.
They organize a cartel for the purpose of raising the price for the product in question.
As with the pure monopoly, companies would join a cartel in order to try to protect themselves from the harmful consequences of competition.

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