A firm owns a network when it becomes the industry standard.

Name: A firm owns a network when it becomes the industry standard.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A network effect occurs when the value of a product or service increases as more people use it. This is because the more people who use a network, the more valuable it becomes to each individual user. As a result, firms that own networks often have a significant advantage over their competitors.

A Firm Owns a Network When It Becomes the Industry