In reference to industrial policy, networks of interdependent firms, universities, and businesses that focus on production of a specific type of good are called:
A) bundles.
B) clusters.
C) vertical industries.
D) integrated industries.

Question

Quizplus · Accepted Answer

Networks of interdependent firms, universities, and businesses that focus on production of a specific type of good are called clusters. This term refers to a geographic concentration of related companies, organizations, and institutions that collaborate and compete. These clusters can be beneficial for economic growth and innovation as they facilitate the exchange of knowledge and ideas, supply chain efficiencies, and a pool of specialized labor.

In Reference to Industrial Policy, Networks of Interdependent Firms, Universities