Increases in the value of the product to each user, including existing users, as the total number of users rises is called:

Question

Quizplus · Accepted Answer

Network effects refer to the phenomenon where the value of a product or service increases as more people use it. This means that as the number of users increase, the benefits to each user also increase. Examples of products with strong network effects include social media platforms, messaging apps, and online marketplaces.

Increases in the Value of the Product to Each User