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JAMB Economics 2001 Question 31

Question 31

Business Organisations

An industry is a

  1. A.company producing unrelated commodities
  2. B.group of firms producing related commodities
  3. C.group of firms producing distinct commodities
  4. D.firm producing differentiated commodities
Show the answer and explanation

Answer: B (group of firms producing related commodities)

Explanation

An industry is a group of firms producing similar or related goods, e.g. the textile industry.