Once a Product Becomes Established, Network Externalities May Create ________

question 91

Multiple Choice

Once a product becomes established, network externalities may create ________ costs that make consumers reluctant to buy a new product with better technology.

• A)external
• B)implicit
• C)switching
• D)marginal

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Definitions:

Working Backward

A problem-solving strategy that starts with the solution and works backward through the problem to figure out how to arrive at the solution.

Backtracking

A problem-solving technique that involves progressively checking and abandoning partial solutions until the right solution is found.

Means-end

A problem-solving strategy that involves breaking down the problem into smaller parts to address the difference between the current state and the desired goal.

Mental Set

is a cognitive bias that involves approaching a problem in a specific way, often influenced by past experiences, even when a different approach might be more effective.