firm that sells a set of closely related commodities
a factory that produces different lines of product
a group of firms that sells a closely related set of products
industrial concern that is into production and selling of goods
Explanation
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Discussions (5)
C is the correct answer... C is the correct definition of industry while option A is the definition of a Firm
The correct option is C. a group of firms that sells a closely related set of products.
Explanation
In economics, an industry is defined as a collection of multiple independent business organizations (firms) that produce similar goods or services or sell closely related commodities. While a single business is a "firm," the collective sum of all firms competing in the same market or offering close substitutes constitutes the "industry
The correct answer is:
C. a group of firms that sells a closely related set of products
Explanation:
An industry refers to a collection (group) of firms that produce or sell similar or related goods or services. It is not a single firm or factory, but many firms operating in the same line of business.
Why others are wrong:
A → Refers to a single firm 
B → Describes a factory, not an industry
D → Too broad and refers to a single business concern, not a group
So, an industry is best defined as a group of firms producing related products.
