_________ refers to the benefits when industries/firms cluster together resulting in reduced production cost, improved availability of skilled labor, and increased flow of information and knowledge sharing.
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- Industrial ecology
- Agglomeration of economies
- Behavioural economics
- Industrial engineering
The Correct Option is B
Solution and Explanation
The described phenomenon is the Agglomeration of Economies. This happens when businesses or sectors congregate in a particular area, leading to advantages such as lower production expenses, enhanced access to skilled workers, and improved dissemination of information and knowledge.
Therefore, the correct designation is (B) Agglomeration of Economies.
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