In terms of industrial policy, clusters refer to:
A) networks of interdependent firms, universities, and businesses that focus on production of a specific type of good.
B) firms in an economy that are so interconnected they all fail when just one fails.
C) groups of underperforming industries.
D) the industries supported in a country practicing import substitution policy.

Question

Quizplus · Accepted Answer

Clusters refer to networks of interdependent firms, universities, and businesses that focus on the production of a specific type of good. These clusters promote innovation, knowledge transfer, and collaboration, leading to increased competitiveness and productivity within the cluster. Examples of clusters include the Silicon Valley technology cluster and the Hollywood entertainment cluster.

In Terms of Industrial Policy, Clusters Refer To