A cartel is a group of independent suppliers who band together to control prices and limit competition by restricting trade to their mutual benefit. This cooperation typically aims to maximize collective profits by regulating supply and prices.
Division of labor refers to the separation of the workforce into distinct categories of labor and assigning specific tasks required to produce a product to different workers. This concept is integral to increasing efficiency and productivity in various industries.
A duopoly is a form of oligopoly where only two firms dominate the entire market. This market structure can lead to unique competitive behaviors and economic outcomes. The two dominant firms may collaborate or compete aggressively, impacting market prices, output, and overall industry dynamics.
