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A(n) ________ is a group of firms producing a similar product or service, such as soft drinks, airlines, or smartphone apps.answer choicesa) clusterb) divisionc) sectord) industrye) network
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A(n) ________ is a group of firms producing a similar product or service, such as soft drinks, airlines, or smartphone apps.answer choicesa) clusterb) divisionc) sectord) industrye) network

User Ruben Helsloot
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Answer: Industry

Explanation: In simple words, industry refers to a group of firms that produce similar kinds of products and offer them to the market. There is no need for the products to be perfect substitute s to be in same industry, only the basic characteristic and utilization should be similar.

For example- Different firms of an automobile industry produces different kinds of products, each having slight change from the other, but still the basic characteristics of all remains same with respect to utility.

Hence from the above we can conclude that the correct option is D.

User Putnam
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