A group of companies bound together to fix prices is called a cartel.
Answer (2)
That's a 'cartel'. It's illegal in the US. It's also, mean, nasty, and not fair.
A cartel is a formal agreement among competing businesses to control pricing and limit production to increase profits. These arrangements are illegal in many countries, including the United States, due to their unfair practices and impact on competition. An example of a well-known cartel is OPEC, which regulates oil production among its member countries.
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