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Tamil Nadu Board of Secondary EducationHSC Commerce Class 11

Differentiate between ‘firm’ and ‘industry’. - Economics

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Question

Differentiate between ‘firm’ and ‘industry’.

Distinguish Between

Solution

  1. Firm:
    A firm refers to a single production unit in the industry, producing a large or a small quantity of a commodity or service, and selling it at a price in the market. Its main objective is to earn a profit.
  2. Industry:
    The industry refers to a group of firms producing the same product or service in an economy.
    (Eg.) A group of firms producing cement is called a cement industry.
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Equilibrium Conditions for a Firm
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Chapter 5: Market Structure and Pricing - Model Questions - Part C [Page 119]

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Samacheer Kalvi Economics [English] Class 11 TN Board
Chapter 5 Market Structure and Pricing
Model Questions - Part C | Q 34 | Page 119
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