Concept:A trade association is a group set up by businesses in the same industry to protect and promote their common interests.
Explanation:Trade associations perform several key functions, including:
• Providing trade, pool, and credit information to members.
• Fixing minimum prices for goods to prevent unfair competition.
• Assisting needy members and promoting members' welfare.
• Educating members on trade activities.
• Settling disputes among members.
• Preventing cut-throat or unfair competition.
• Promoting and extending trade through legislative work.
Among these, promoting members' welfare is a direct and recognised function of a trade association.
Answer:The correct option is B: promote members' welfare.