(Figure: Externalities and Network Effects) The graph depicts the market for a network good. Describe the effects, including shifts in supply and/or demand and changes in quantity, of a consumer joining this network.
Definitions:
Distance
A measurement of the space between two points, often discussed in the context of physical space but also applicable in abstract senses.
Retinal Image
The image projected onto the retina, the light-sensitive tissue at the back of the eye, which allows one to see.
Approaching Object
An object that is moving closer to the observer, often studied in psychology and neuroscience to understand perception and reaction to stimuli.
Motion
The act, process, or instance of changing place or position.
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