Standards are important in an industry because:
A)They allow interoperability and industry growth,and are linked with network externalities
B)They are established by the dominant player in the industry
C)They are imposed by the government and have the force of law behind them
D)High-tech industries are the only industries that cannot effectively function without standards

Question

Quizplus · Accepted Answer

Standards allow for interoperability between different products and services within an industry, which can lead to increased competition and growth. They are often linked with network externalities, which means that the more people use a standard, the more valuable it becomes. Standards are usually established through industry collaboration, rather than being imposed by one dominant player or the government. While some industries may be able to function without standards, high-tech industries in particular rely heavily on them for innovation and progress.

Standards Are Important in an Industry Because