A(n)________ is a group of firms that offer a product or class of products that are close substitutes for one another.
A) industry
B) cartel
C) cooperative
D) monopoly
E) demand field

Question

Quizplus · Accepted Answer

An industry is the group of firms that offer a product or class of products that are close substitutes for one another. An industry can be broken down into sub-industries, but it always refers to a group of firms that are competing with each other for market share. Cartels, cooperatives, and monopolies are all specific types of industries or market structures. A demand field refers to the total market demand for a product or service.

A(n)________ Is a Group of Firms That Offer a Product