An industry can be defined as
A)the group of all firms that sell a product.
B)any company that produces and sells something.
C)the set of buyers of a particular good or service.
D)the top companies that sell something.

Question

Quizplus · Accepted Answer

An industry refers to the group of all firms that produce and sell a particular product or service. Therefore, option A is the correct definition. Option B is too broad as not all companies produce and sell something. Option C is incorrect as it refers to the buyers of a product, rather than the producers. Option D is incorrect as it only refers to the top companies in a particular industry, whereas an industry includes all firms that produce and sell a product.

An Industry Can Be Defined as