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

question 136

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 in 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:

Underapplied Manufacturing Overhead

A situation where the allocated manufacturing overhead costs are less than the actual overhead costs.

Overapplied Manufacturing Overhead

Occurs when the amount of overhead applied to products or services exceeds the actual manufacturing overhead costs incurred.

Debit

An entry on the left side of an account, indicating an increase in assets or expenses, or a decrease in liabilities, equity, or revenue.

Credit

An accounting entry that increases liabilities or equity or decreases an asset or expense. In finance, it's also the ability to obtain goods or services before payment, based on the trust that payment will be made in the future.