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12. An industry is defined as: a. A collection of firms that compete with one another in a single product market. b. A collection of firms that exist in a particular geographical area (e.g. Spain). c. A collection of firms that use similar distribution channels. d. All of the above.

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Answer: a. A collection of firms that compete with one another in a single product market

Explanation: An industry would be defined as a collection of firms that compete with one another in a single product market. In other words, an industry consists of a group of businesses of the same type, considered as a whole, and consists of large-scale enterprises in a sector of the economy. These businesses are classed into industries based on the primary product produced or sold (major source of revenue).

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