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Industry

An industry is a collection of firms/a group of companies producing a similar product or services. By “similar products” we mean products that customers perceive to be substitutable for one another. Consider, for example, the brands of personal computers (PCs) that are now being marketed. The firms that produce these PCs, such as Hewlett-Packard, IBM, Apple, and Dell, form the nucleus of the microcomputer industry.

 

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