What term refers to an unlawful agreement between competitors to monopolize a market?

The correct term for an unlawful agreement between competitors to monopolize a market is collusion. Collusion occurs when businesses or competitors coordinate their actions or decisions to restrict competition and manipulate market conditions for their advantage, often resulting in higher prices or limited availability of products and services. This practice undermines fair competition and violates antitrust laws designed to protect consumers and promote a fair marketplace.

While conspiracy might seem related, it usually refers to any agreement to commit an unlawful act and does not specifically cover the context of market manipulation among competitors. Collaboration is a more general term that suggests working together, usually for mutual benefit, and does not imply unlawfulness as collusion does. Lastly, competition is the opposite of collusion and refers to businesses striving to outperform their rivals in the marketplace, which is entirely legal and encouraged in a healthy economy.