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    Blueborn

    What Is Industry And Firm?

    What is called as an industry and firm in economics and how does its production , pricing etc vary from that of firm. Is it that they produce similar product having same character or totally different product? Can you give an example? Please help.

    asked 3 months ago

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    Jannifer

    A firm is one single company or business operating in one or multiple locations Like KFC, Ford etc. An industry is group of all the companies that
    manufacture same products or give same services Like airline
    industry, Computer indutry.

    Therefore one single firm prices varies from over all industry.

    answered 3 months ago   

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