A(n)_____ consists of a group of firms that offer a product or class of products that are similar and are close substitutes for one another.
A)industry
B)marketing channel
C)market
D)distribution chain

Question

Quizplus · Accepted Answer

An industry consists of a group of firms that offer similar products or services that are close substitutes for each other. The firms in the industry compete with each other to gain a larger market share, and their actions have a significant impact on the industry's overall profitability and growth.

A(n)_____ Consists of a Group of Firms That Offer a Product