Question

Importance of firms and industry

Answer 1

Answer:

1. Increase in national income

2. Higher standard of living

3. Economic stability

4. Increases employment opportunities

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Answer 2

Explanation:

The ease of entry into a industry is important because it determines the likelihood that a company will kiss you competitors . On the other hand in industries that are difficult to enter , sources of competitive advantage last longer , and firms also tend to benefit of having a constant set of competitors