A Standard Which Came to the Market First, Such as the QWERTY

question 72

Multiple Choice

A standard which came to the market first, such as the QWERTY letter layout in typewriters, can become entrenched (this layout is still used for computer keyboards today) .What is this phenomenon called?

• A)network externalities
• B)path dependency
• C)sunk cost
• D)comparative advantage

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Definitions:

Equilibrium Price

The market price at which the quantity of a good or service supplied is equal to the quantity demanded.

Maximum Price

A price ceiling set by a governing body, above which a particular good or service cannot legally be sold.

Economic Impact

The effect of an event, policy, or market change on the economy, which can include impacts on employment, income levels, and economic growth.

Routine Maintenance

Routine maintenance involves regular and basic upkeep to maintain equipment, systems, or facilities in operational condition, preventing major failures or breakdowns.