Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN: 9781337106665
Author: Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher: Cengage Learning
Question
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Chapter 10, Problem 1MC
To determine

Industry.

Expert Solution & Answer
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Explanation of Solution

All the firms that produce substitute goods are called industry. Thus, option ‘d’ is correct.

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