In microeconomics, an industry is defined as __________.

a collection of firms located in and supplying a certain geographic region

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a collection of firms that require manufacturing produce the goods and services that they sell

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the supply side of a market, or a collection of firms selling the same or closely related products

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the productive activities of labour

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Solution

The correct option is C the supply side of a market, or a collection of firms selling the same or closely related products
In microeconomics, industry refers to the summation of a number of firms that deal into the same product or products which are close substitute to each other.

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Similar questions

Q. The factors of production may be defined as resources which help the firms to produce goods or services.

Q. There are 20 identical firms in a market. At a price of Rs 20, firm 1 supplies 25 units of a good. The total supply at that price is .

Q. A market structure in which many firms sell products that are similar but not identical is known as _________.

There are 20 identical firms in a market. At a price of Rs 20, firm 1 supplies 25 units of a good, What is the total supply at that price?

There are three firms A, B and C in a market. The supply schedule for the market and that for firms A and B is given below. Prepare the supply schedule for firm C.

$\begin{matrix} Price & Firm A & Firm B & Firm C & Market supply 10 & 0 & 25 & 35 20 & 10 & 30 & 60 30 & 20 & 35 & 85 40 & 30 & 40 & 110 50 & 40 & 45 & 135 60 & 50 & 50 & 160 \end{matrix}$

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In microeconomics, an industry is defined as __________.

The correct option is C the supply side of a market, or a collection of firms selling the same or closely related productsIn microeconomics, industry refers to the summation of a number of firms that deal into the same product or products which are close substitute to each other.

The correct option is C the supply side of a market, or a collection of firms selling the same or closely related products
In microeconomics, industry refers to the summation of a number of firms that deal into the same product or products which are close substitute to each other.