An industry can be defmed 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 finn.

Question

An industry can be defmed 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 finn.

Quizplus · Accepted Answer

An industry is defined as a group of companies offering products or services that are close substitutes for each other. This definition focuses on the similarity of the products or services offered, rather than the similarity of the companies themselves.

An Industry Can Be Defmed as a Group Of