A Group of Firms Working Together and Acting as a Supplier

question 156

Short Answer

A group of firms working together and acting as a supplier of a product is called a cartel. A group of employees working together and acting as a single supplier of labor is called a

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Definitions:

Per-Bushel Profit

The financial gain earned by selling a bushel (a unit of measure for volume) of agricultural produce, after subtracting the cost of production.

Profits

The financial gain obtained when revenue from sales exceeds costs and expenses associated with operating a business.

Farmer

Someone who works in the agricultural sector, producing living items for nourishment or foundational substances.

Produce

To create or manufacture goods for sale or consumption.