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

Question

Quizplus · Accepted Answer

An industry is a group of firms that offer a product or class of products that are close substitutes for one another. A monopoly refers to a single firm controlling the market with no competitors. A cooperative is a group of businesses or individuals working together for a common goal. A demand field refers to the range of prices and quantities at which a product is demanded by consumers. A cartel refers to a group of firms colluding to control prices and restrict competition.

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