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WAEC Economics 2005 Question 11

Question 11

Industrialisation

A group of firms producing similar commodities for the same market constitute

  1. A.a cartel
  2. B.an industry
  3. C.a co-operative
  4. D.wholesalers.
Show the answer and explanation

Answer: B (an industry)

Explanation

An industry is all the firms producing similar products.