The concentration of many independent firms belonging to the same industry within a specific geographical area is known as the localization of industry.
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The statement is true. Industrial localization refers to the geographical clustering of multiple firms in the same industry within a particular area.
Industrial localization occurs when several firms in the same industry concentrate in a specific area, allowing them to benefit from external economies of scale such as pool of skilled labor, common market infrastructure, and specialized suppliers.
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Definition of Industrial Localization