An industry can be defined as a group of
A) companies offering products or services that are close substitutes for each other.
B) twenty or more companies offering products or services that are close substitutes for each other.
C) companies.
D) companies that offer dissimilar products or services.
E) companies that offer products or services to dissimilar customers.

Question

Quizplus · Accepted Answer

An industry is typically defined as a group of companies offering products or services that are close substitutes for each other, meaning they are similar in nature and are competing for the same market. Option B specifies a numerical minimum that is not necessarily true, while options D and E define something that is not an industry. Option C is too broad and does not specify any characteristics of the companies.

An Industry Can Be Defined as a Group of