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What is an industry?
(a) Industry is a group of diverse businesses under common owners.
(b) Industry is a group of firms whose products have same and similar attributes such that they compete for the same buyers.
(c) Industry is any business organization engaged in manufacturing activities.
(d) All business organizations excluding those in service sector are industry.
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What is Diversification? Ans: Diversification is guiding activities into different lines of business.
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Electronic data interchange relies on Structured data and standard business documents.
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