An industry can be defined as a group of:
A) companies offering products or services that are close substitutes for each other.
B) manufacturing plants of a single company.
C) different kinds of companies that are based in the same geographic location.
D) companies that are different but generate similar amounts of revenues.
E) brands that offer different products but are owned by a single firm.

Question

Quizplus · Accepted Answer

An industry is commonly defined as a group of companies that offer products or services that are close substitutes for each other. This means that they are in competition with each other to satisfy the same customer needs or wants. Examples of industries include the automobile industry, the airline industry, and the computer software industry.

An Industry Can Be Defined as a Group Of