An industry can best be described as

Assessment: WAEC SSCE - Economics - 2000 (Objective) Subject: Economics

Question 1 Report

An industry can best be described as
Answer Details
An industry can be best described as an aggregation of individual firms that are involved in producing similar commodities. Industries are often characterized by firms that have similar production processes, face similar market conditions, and offer similar products to their consumers. For example, the automobile industry consists of different firms that produce cars, and the textile industry is made up of firms that produce fabrics and textiles.

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