Answer to Question #125261 in Microeconomics for mell

Question #125261
distinguish between a plant,firm and an industry.
1
Expert's answer
2020-07-06T18:38:04-0400

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.


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