Identify the defining characteristics of an organization.

a) Its members have come together for a common purpose.
b) There is a clear distinction between those who belong and those who do not.
c) The rest of society is aware of its existence.
d) It has a governing structure and rules of behavior.

Why is the type of product sold in an industry an important characteristic? a firm that can differentiate its product from that of rivals may be able to charge a higher price for a superior product. a firm that sells intangible goods is usually considered a monopoly. service industries cannot differentiate their products, which makes it easy for new firms to enter the industry. expensive products are usually sold by perfectly competitive firms.