Question

Distinguish between a plant, a firm, and an industry. Con- trast a vertically integrated firm, a horizontally integrated firm, and a conglomerate. Cite an example of a horizontally integrated firm from which you have recently made a purchase.

Answer 1

Answer: A plant is a subsection of a firm and a firm is subsection of an industry, an industry is a collection of similar or diverse kind of firms

Explanation:

Plant - is an institution that performs more than one function relating to the production of goods and services

Firm - is an organization that uses diverse resources for the production of goods and services to earn a profit. They operate more than one plant

Industry - is a collection of firms that in into similar or diverse kind of goods and services.