Due to Its Universality, the Internet Reduces Barriers to Competition

question 28

Essay

Due to its universality, the internet reduces barriers to competition created by space, time, and information asymmetries. Explain.

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Definitions:

Packet Switching

A method of grouping data transmitted over a digital network into packets, which are then routed independently to the destination, allowing for efficient use of network resources.

16-Bit Numbers

Numerical values represented using 16 binary digits, allowing for a range of values from 0 to 65,535 in unsigned form or −32,768 to 32,767 in signed form.

IPv4

Internet Protocol version 4, a core protocol for the internet that provides an identification and location system for computers on networks and routes traffic across the internet.

E-Mail

Internet-based communication in which senders and recipients correspond.