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A firm is defined in Economics as: a
A firm is defined in Economics as:
a. A corporation that creates demand for the goods it produces,
b. An entity that produces and sells goods that individuals demand,
c. An individual or group of individuals providing public services at no charge,
d. Any group of individuals seeking to increase their income.
Expert Solution
The correct option is b. An entity that produces and sells goods that individuals demand
Explanation: In economics, demand and supply of goods plays an important role and helps businessman take important product decisions. In economics, a business organization is the one who understands the demand of individual and then produced goods accordingly. Knowing the level of demand prevailing in the market is an important part of an entity because it avoids wastage of resources.
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