A cartel is a group of independent businesses or organizations that come together to control the market for a specific product or service. By collaborating, they can set prices, limit production, and reduce competition, which can lead to higher profits for the members. This practice is often illegal because it harms consumers by creating unfair market conditions. One of the most well-known examples of a cartel is the OPEC (Organization of the Petroleum Exporting Countries), which regulates oil production among its member countries. By coordinating their output, OPEC aims to stabilize oil prices and ensure a steady income for its members, but this can also lead to higher prices for consumers around the world.