An industry is defined as: a. firms producing items that sell through the same distribution channels. b. firms that sell the same products or services to the same customer base. c. a group of firms producing the same products or services. d. a group of firms producing products that are close substitutes.
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The correct definition of an industry is: c. a group of firms producing the same products or services. An industry consists of multiple firms that are engaged in more or less the same kind of business activity and produce goods or services that are very similar to each other. Participants in an industry compete with each other, but they also might collaborate in certain aspects, such as regulatory standards or innovation.