A(n) _____ can be best defined as a group of nations or companies that agrees to act together as a monopoly and not compete with each other in order to generate a competitive advantage in world market .

A) conglomerate
B) licensor
C) cartel
D) embargo
E) licensee

Cartel

An association of independent firms or countries that agree to coordinate their production and pricing to monopolize a market or to influence market conditions.

Monopoly

The market structure that exists when there is only one business providing a product in a given market.