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:

Covered Peril

Refers to a specific risk or cause of loss protected against in an insurance policy.

Hotdog Stand Worker

A person employed at a vendor that specializes in preparing and selling hotdogs, often from a stand or cart.

Good Faith

The honest intent to act without taking an unfair advantage over another person, exemplifying a sincere belief or motive without any malice or the desire to defraud others.

Compensatory Damages

Financial compensation awarded to a plaintiff to cover losses directly resulting from the defendant's wrongful action, intended to restore the injured party to their original position.