____ refers to the way one person's value for a good or service is affected by its value to others.

CA Foundation · Business Economics · MTP · September 2026
____ refers to the way one person's value for a good or service is affected by its value to others.
(A) A. Bandwagon Effect
(B) B. Network Effects
(C) C. Economies of scale
(D) D. Both (a) and (b)

Suggested Answer and Working Notes:

Correct Answer: Option (B)

B. Network Effects

Topics: Nature & Scope of Business Economics

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