One of the mysteries of the English language finally explained.
A group of traders or companies acting illegally to fix a minimum retail price for their competing products, thus forming a cartel.
- ‘In addition, when several business giants reached a stalemate in the struggle for domination of a market they would create a 'cartel' or price-ring which administered agreed, stable prices throughout that industry.’
- ‘Private enterprise must not shelter behind price rings and rigged markets.’
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