WAEC Economics 2015 Objective — Question 35
Question 35 of 50 from the West African Examinations Council (WAEC) Economics 2015 Objective paper, with the correct answer and a full explanation.
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An industry is best described as
- A. a firm that sells a set of closely related commodities
- B. a factory that produces different lines of products
- C. a group of firms that sell a closely related set of productsCorrect
- D. industrial concern that is into production and selling of goods
Explanation
An industry consists of a group of firms producing closely related or similar/identical products (e.g. the automobile industry consists of all car-manufacturing firms).
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