Which of the following is used to explain why a consumer's willingness to buy a mobile increases as the number of other people who own and use mobiles increases?

Question

Quizplus · Accepted Answer

This phenomenon is known as network externalities, where the value of a good or service increases as more people use it. In the case of mobiles, as more people own and use them, the value increases due to the ability to connect and communicate with a larger network or group of people.

Which of the Following Is Used to Explain Why a Consumer's