Question

GoGo Gas and Fab Fuel are among the few large producers of gasoline in the country. Along with other large producers, they have formed a formal organization to control the output and price of gasoline in that country. What is such an organization called? collusion corporation partnership cartel

Answer 1

Collusion and cartel are both practices to limit the competition and fixing prices.

Collusion is secretive and ilegal. Cartel is formally organized like OPEC.

The answer is cartel.

Answer 2

This is called a cartel

It's when companies make a decision to influence the market and raise prices for increased profit. This is often illegal but companies keep finding ways to do it by exploiting legislative loopholes that are sometimes even placed there by lobbyists through the parliament.