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Brooke and Sandy both attend the same college and have the same expenses for tuition, books, and supplies. However, Brooke is a famous actress who could earn $2 million per year if she were not attending college whereas Sandy could earn $10,000 a year serving hamburgers if he were not attending college. It follows that the opportunity cost of attending college:
Network Externality
A situation where the value of a product or service increases as the number of users expands.
Standardization
The process of developing and implementing technical standards to ensure the compatibility, safety, and quality of products and services.
Software Applications
Programs designed to perform specific tasks or functions for the user.
Network Externality
A phenomenon where the value or utility a user derives from a good or service depends on the number of users of compatible products.
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