Question

Which describes the "Network Effect?"​

Answer 1

Explanation:

• The phenomenon known as the "network effect" describes how more people or participants raise the value of an item or service.
• The network effect is demonstrated via the internet.
• Since the military and a few research scientists were the only people who really used the internet at first, there weren't many users.
• The Network Effect states that when a platform's overall computational capacity rises, it becomes more useful.
• According to the phenomenon known as the "network effect," the value of a good or service rises as the population or number of participants does.

Illustrative of network effects:

• You need other individuals to communicate with on social media.
• Telephones: In order to receive calls, other individuals must also have a phone.
• Microsoft Office - You can share papers more readily if other individuals have compatibility.

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Answer 2

Answer:

A platform becomes more useful as more people join and use it.

Explanation: [10.02.2023]

'A network effect refers to a situation where the value of a product, platform, or service increases as more people use it. '

Source:

https://www.mightynetworks.com/encyclopedia/network-effect#:~:text=A%20network%20effect%20refers%20to,increases%20as%20more%20people%20join.