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JAMB Commerce 2014 Question 25

Question 25

Business Combinations

An association of voluntary organizations that work together for a common aim while retaining their independence is a

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

Answer: C (cartel.)

Explanation

In a cartel independent firms agree on prices or output for a common aim but each keeps its identity.