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How Has Facebook Been Able to Gain a Share in the Photo-Sharing

question 45

Essay

How has Facebook been able to gain a share in the photo-sharing and video-sharing markets at the expense of established firms?


Definitions:

Monopsony Power

A market situation where there is only one buyer for a product or service, giving that buyer significant control over the market.

Deferred Benefit Plan

A type of retirement plan that allows participants to postpone receiving retirement benefits until a specific future date, often to optimize tax benefits.

Elective Surgical Procedure

A surgery that is scheduled in advance because it does not involve a medical emergency.

Equilibrium Price

The cost at which the amount of a product or service that buyers want matches the amount that sellers provide, resulting in a balanced market situation.

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