A ________ effect occurs when a buyer's preference for a product increases as the number of people buying it increases.
A) oligopoly
B) switching
C) network
D) duopoly
E) competitive

Question

Quizplus · Accepted Answer

This is known as the network effect, where the value or desirability of a product increases as more people use or own it. This is often seen in technology products and social networks, where the more users a platform has, the more valuable it becomes to each individual user.

A ________ Effect Occurs When a Buyer's Preference for a Product