Question on: JAMB Economics - 2003
Two basic features common to an industry are
A
production processes and source of capital
B
source of capital and labour supply
C
similarity of products and source of raw materials
D
similarity of products and production processes
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Correct Option: D
The two basic features common to an industry are:
* **Similarity of products:** Firms within an industry typically produce similar or related goods or services.
* **Production processes:** Firms within an industry often utilize similar production methods or technologies.
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