A small group of suppliers, providers or sellers who have the ability to control market prices for a given commodity if they should ever decide to work together for that purpose. While cartel is often used in place of oligopoly, cartels don't necessarily have the ability to control the market, and they aren't necessarily created for the purpose of exerting control, while the primary function of an oligopoly is to preserve its own power by exerting influence over markets when they feel it is in the interest of members to do so.

See also: