(Answered) 1 how does a network externality serve as a barrier to

Economics

1. How does a network externality serve as a barrier to entry? Is this barrier surmountable? Provide one example. Make sure you carefully explain your answer.

2. Explain why a firm in a perfectly competitive market charges the market price (as set by the market demand and market supply curve). How is this different to a firm in a monopolistically competitive market?

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Business Economics, Economics

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