Answer to Question #125261 in Microeconomics for mell

Question

distinguish between a plant,firm and an industry.

Answer 1

A plant refers to an institution or an organization that performs one or more than one function related to processing and distribution of goods and services.

A firm refers to an organization that utilizes a variety of resources for production of goods and services in order to earn profit. Firms generally operate one or more than one institution.

An industry refers to a group of firms that are involved in production of same or similar kind of goods and services. An example of an industry is a bakery bread.