A function or market union in the local market is to_________
Answer Details
A function or market union in the local market is to "establish a common market price."
A market union is an organization formed by producers or sellers of a particular product or service to collaborate and promote their common interests. One of the key functions of a market union is to establish a common market price for the goods or services produced or sold by its members.
By setting a common market price, the market union ensures that all members receive a fair and equitable price for their products or services. This helps to prevent undercutting and promotes healthy competition among members, as well as providing stability and predictability in the marketplace.
For example, a group of farmers may form a market union to collaborate on the production and sale of their crops. By establishing a common market price for their produce, the farmers can ensure that they receive a fair price for their crops, and that their customers are not able to play one farmer off against another to drive down prices.
In summary, the function of a market union in the local market is to establish a common market price for the goods or services produced or sold by its members. It is not to offer bank loans to members, defend members in law courts, or insure products of all members.