Which of the following takes place when firms producing at different stages in the same industry combine?

Assessment: JAMB UTME - Commerce - 1994 Subject: Commerce

Question 1 Report

Which of the following takes place when firms producing at different stages in the same industry combine?
Answer Details
When firms producing at different stages in the same industry combine, it is called vertical integration. This means that the companies involved in different stages of the production process, from raw materials to final product, merge together to form a single, vertically integrated company. For example, a company that produces steel might vertically integrate by acquiring a company that mines iron ore, so that they have more control over their supply chain and can potentially increase efficiency and profits.
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