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

question 72

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 for 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:

Cost Effectiveness

An evaluation measure to determine how effectively a party is achieving its objectives relative to the costs incurred.

Human Involvement

Human involvement indicates the participation or role of individuals in a process or system, often highlighting the importance of human input and decision-making.

Special Journal

A type of accounting journal that is used for recording and categorizing a specific type of transaction which occurs frequently.

General Journal

A primary accounting record used to record all types of transactions except for those related to specific tasks, such as sales or purchases, which have their own journals.