Which best describes a cartel?

A cartel is a formal agreement between competing firms in an industry to coordinate their production, pricing, or marketing strategies to maximize profits and reduce competition. By collaborating, cartel members aim to manipulate market conditions, such as controlling supply or setting prices, often leading to higher costs for consumers. Cartels are typically illegal in many countries due to their anti-competitive nature and potential harm to market dynamics. Examples include the Organization of the Petroleum Exporting Countries (OPEC) and historical cases in various industries.