Switching costs are the costs that consumers must bear to switch from a product based on one technological standard to a product based on another.

Question

Quizplus · Accepted Answer

Switching costs refer to the investment of time, effort, and money that consumers must make to switch from one product or service to another based on a different technology standard. This can include costs such as buying new equipment or software, learning to use new technology, and transferring data. Therefore, the statement is true.

Switching Costs Are the Costs That Consumers Must Bear to Switch