An Industry Can Be Defined as

question 126

Multiple Choice

An industry can be defined as

• A)a group of firms that compete to sell a specific product.
• B)any company that produces and sells products.
• C)the set of buyers of a particular good or service.
• D)the top companies that sell a product.

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Definitions:

Liability

A financial obligation or responsibility that an individual or entity owes to another.

Premiums

The amounts paid for insurance coverage by the insured to the insurance company.

Insurable Interest

A basic requirement for the issuance of an insurance policy, indicating that the person purchasing the policy has a stake in the safety or preservation of the insured item or person.

Equipment

Tangible assets used in the operation or activities of a business or entity, ranging from office supplies to machinery.