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Describe how the existence of a large labor pool leads to agglomeration economies.

Describe how the existence of a large labor pool leads to agglomeration economies.
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Agglomeration economies are the external benefits that a firm recieves from co-location. The larger the labor pool, the more diverse and specialised an area can become. It is observed that the largest metro areas have most diverse workforce. Not only large metro area generate a market for niche labor, it allows specialisation within labor categories that enhance labor productivity. A large labor force allows the firm to size the labour force to its current demand and become more productive

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