A group of firm producing similar commodities for the same market constitute

Assessment: WAEC SSCE - Economics - 2005 (Objective) Subject: Economics

Question 1 Report

A group of firm producing similar commodities for the same market constitute
Answer Details
A group of firms producing similar commodities for the same market is called an industry. An industry is made up of companies that are engaged in the production or sale of a particular type of product or service. These companies compete with each other to provide the best product at the most competitive price to the consumers in the market. Examples of industries include the automobile industry, the technology industry, and the food industry.
Read lesson note on Market Structure (JAMB)
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