An organization of producers of similar produces, which controls output with the intention to fix price is a
Answer Details
An organization of producers of similar products, which controls output with the intention to fix price is called a cartel.
A cartel is a group of companies or producers that work together to limit competition and control prices in a particular industry. The members of a cartel agree to restrict the supply of their products, either by limiting production or by allocating markets among themselves. By controlling supply, the cartel can manipulate prices and increase profits for its members.
Cartels are generally illegal because they violate antitrust laws, which are designed to promote competition and prevent monopolies. However, some countries have legal frameworks that allow for the formation of cartels under certain conditions, such as when they are formed to support small producers or to promote economic development.
In summary, a cartel is an organization of producers of similar products that work together to control output and fix prices, which is generally illegal because it violates antitrust laws that aim to promote competition and prevent monopolies.