A group of firms that produce similar products is BEST known as
A) an industry
B) a coalition
C) a joint venture
D) a merger

Question

Quizplus · Accepted Answer

An industry is defined as a group of firms that produce similar products or offer similar services. It is the most appropriate term to describe a group of such firms. A coalition is a temporary alliance of groups or individuals formed to achieve a common goal, and a joint venture is a business partnership between two or more companies to carry out a specific project or task. A merger is the combination of two or more companies into a single entity. While some industries may see mergers or joint ventures, these terms are not as general as "industry."

A Group of Firms That Produce Similar Products Is BEST