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JAMB Commerce 2010 Question 27

Question 27

Business Combinations

An arrangement by independent firms to share the market of their products on quota basis is referred to as

  1. A.trust
  2. B.integration
  3. C.syndicate
  4. D.cartel.
Show the answer and explanation

Answer: D (cartel.)

Explanation

A cartel is an association of independent firms that fix output quotas or prices.