Examlex
What is intuition?
Network Effects
The phenomenon where the value or utility of a product or service increases as more people use it, often seen in digital and social media platforms.
Consumer Surplus
The difference between the highest price a consumer is willing to pay and the actual market price they pay.
Monopoly
A market structure characterized by a single seller or producer dominating the entire market, with no close substitutes available.
Network Externalities
The effect that the number of users of a product or service has on the value of that product to others, often leading to increased utility as more people use it.
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