An Industry Is Composed of a Set of Firms That

question 16

True/False

An industry is composed of a set of firms that produce similar products or services, sell to similar customers, and use similar methods of production.

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Definitions:

Scan Function

In automation, particularly in PLC (Programmable Logic Controller) systems, the scan function refers to the cyclic process where the system reads inputs, executes logic, and updates outputs systematically.

Horizontal

Refers to an orientation or position that is parallel to the ground or baseline, often used to describe direction or alignment.

Vertical

Referring to the direction or orientation that is perpendicular to the horizon or ground level, often used in spatial descriptions.