What is a cartel in business?

A cartel is a collection of independent businesses or organizations that collude to manipulate the price of a product or service. Cartels are competitors in the same industry and seek to reduce that competition by controlling pricing in agreement with one another.

What is a 'Futurama' meme?

One popular meme, which began in 2011, shows the character Fry from the animated show "Futurama" with eyes narrowed, thinking about contradicting questions, usually referring to modern times or sarcasm. Another is a generic photo with the same character holding cash and yelling, "Shut up and take my money!"

What is a meme?

Webster’s New World College Dictionary defines a meme as “a concept, belief, or practice conceived as a unit of cultural information that may be passed on from person to person, subject to influences in a way analogous to natural selection.” Like many words in the English language, the word “meme” has undergone a semantic shift over time.

How are cartels formed?

The formation of a cartel involves open or explicit forms of collusion. Cartels are formed for the mutual benefit of member firms who agree on pricing, terms, and output. What Laws Regulate Cartels In the United States?