Cities such as New York are able to host a variety of complex industries because of the development of specialized resources that support their growth. When specialized resources emerge in response to demand from multiple industries, this is referred to as:
A) industry economies of scale
B) agglomeration economies
C) locational monopoly
D) economic inefficiencies

Question

Quizplus · Accepted Answer

Agglomeration economies refer to the benefits that arise from industries clustering together in a specific geographic location. This can lead to the development of specialized resources such as a skilled workforce, research institutions, and supply chain networks that can support the growth of multiple industries. This leads to greater efficiencies and cost savings, which can help to attract additional firms to the area.

Cities Such as New York Are Able to Host a Variety