The name which is given to a group of sellers who agree to restrict their collective output in order to drive up prices above marginal costs is known as a:
According to the given question, we are asked to show the term which can be best used to describe a group of sellers who make an agreement to reduce their collective output so that price of goods would increase above their marginal costs.
As a result of this, we can see that this group of people in the business world are known as cartel because they behave unethically so that they could have increased profit on sales.
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