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GCE Economics 1989 Question 37

Question 37

Theory of Production

Industry can simply be defined as

  1. A.many firms producing different products
  2. B.a firm or firms producing similar goods and services
  3. C.different firms producing different goods
  4. D.different firms producing equal number of similar goods and services
  5. E.many firms producing unidentical goods and services.
Show the answer and explanation

Answer: B (a firm or firms producing similar goods and services)

Explanation

An industry is a firm or group of firms producing similar goods or services.