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WAEC Economics 2000 Question 24

Question 24

Industrialisation

An industry can best be described as

  1. A.a place where goods are processed
  2. B.a place where different firms produce different goods
  3. C.an aggregation of individual firms producing similar commodities
  4. D.the concentration of various firms in the same locality.
Show the answer and explanation

Answer: C (an aggregation of individual firms producing similar commodities)

Explanation

An industry is the group of all firms producing the same or similar products.