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WAEC Economics 2008 Question 29

Question 29

Business Organisations

Industry can be defined as

  1. A.several firms producing different commodities
  2. B.group of firms producing similar commodities
  3. C.different firms producing equal number of commodities
  4. D.many firms producing for export.
Show the answer and explanation

Answer: B (group of firms producing similar commodities)

Explanation

An industry is a group of firms making the same or similar products.