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To eliminate competition and thereby secure higher prices, firms producing a specific product can come together and make monopoly agreements. These are called as industrial combinations. When all the firms merge into one organisation, such a monopoly takes the form of a trust.The firms sustain their individual identity and yet enter into monopoly agreements such combinations are called as trade associations, cartels, pools and holding companies. A pool is deemed a loose combination to sustain a particular higher price level of a commodity. A cartel is based on agreements to restrict output to get high prices. A holding company secures monopolistic control over some firms by holding a majority of shares in them.
REALISM OF PERFECT COMPETITION The assumptions of perfect competition are obviously at variance with the conditions which actually exist in real world markets. Some market
1. The price of a U. S. produced hammer is $5. The exchange rate with Malaysia is 3 Ringgit/1$. What is the current price of the hammer in Malaysia? (Assume no transportation cost.
Organization for Economic Development (OECD) An international organization found in Paris France in 1961, to act as a worldwide forum to stimulate world trade and
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electron control,inc.,cells voltage regulators to other manufacturers , who then customize and distribute the products to quality assurance labs for their sensitive test equipment.
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