Differences In, and Competition Over, Technical Standards ______

question 56

Multiple Choice

Differences in, and competition over, technical standards ______.

• A) caused the FCC to temporarily ban any new TV licenses in the late 1940s and early 1950s
• B) meant that it took over a decade before all three of the major networks started broadcasting in color in the mid-1960s
• C) resulted in a "war" between the Beta and VHS formats of home videocassette recorders
• D) resulted in a "war" between Blu-ray and HD DVD formats for high-definition movie recordings
• E) All of the options are correct.

---

Definitions:

Normative Economics

The part of economics involving value judgments about what the economy should be like; focused on which economic goals and policies should be implemented; policy economics.

Cheating On Agreements

The act of knowingly violating the terms of an agreement or contract, often to gain an unfair advantage or benefit.

Cartels

Formal agreements among competing firms to control prices or exclude entry of a new competitor in a market.

Entry Barriers

Obstacles that prevent or hinder new competitors from easily entering an industry or area of business.