The Ability to Reprogram Machines Is Useful for Both Low-Customization

question 144

True/False

The ability to reprogram machines is useful for both low-customization and high-customization processes.

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Definitions:

Network Externality

A situation where the value of a product or service increases for a user when more people use it.

Facebook

A social networking platform that allows users to create profiles, share photos and videos, send messages, and keep in touch with friends, family, and colleagues.

Positive Externality

A benefit that affects a party who did not choose to incur that benefit, often associated with public goods or services.

Price Elasticity

The measure of how the quantity demanded of a good or service changes in response to a change in its price.