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WAEC Commerce 1994 Question 11

Question 11

Business Combinations

An association of firms, producing similar commodities, formed in order to keep up prices by restricting output is called

  1. A.a chamber of commerce
  2. B.a customs union
  3. C.an amalgamation
  4. D.a cartel
  5. E.a combination
Show the answer and explanation

Answer: D (a cartel)

Explanation

A cartel restricts output to keep prices high.