A(n)_______ is an association of producers of a particular good,consisting either of private firms or nations,formed for the purpose of suppressing the market forces affecting prices.
A)oligarchy
B)cartel
C)commodity price agreement
D)buffer
E)trade diversion

Question

Quizplus · Accepted Answer

A cartel is an association of producers of a particular good that aims to suppress market forces affecting prices. They do this by coordinating production levels and prices, effectively acting as a monopolistic entity in the market. The goal of the cartel is to maximize profits for its members by setting prices at a level that would not be achievable under normal market conditions. Other options such as oligarchy, commodity price agreement, buffer, or trade diversion do not accurately describe the concept presented in the question.

A(n)_______ Is an Association of Producers of a Particular Good,consisting