The switching costs that customers experience when moving from an existing product to an alternative. The higher the switching costs, […]

A consequence of the network external effects that create winner-take-all competition. The competitive process results in an outcome that is […]

See also: ratio scale

A way of measuring a quantity based on the logarithm function, f(x) = log(x). The logarithm function converts a ratio […]

The term does not refer to a period of time, but instead to what is exogenous. A long-run cost curve, […]

An equilibrium that is achieved when variables that were held constant in the short run (for example, the number of […]

An item that provides players with something of value within a video game. The nature of the value provided is […]

A graphical representation of inequality of some quantity such as wealth or income. Individuals are arranged in ascending order by […]

Most people would be upset with a loss far more than they would appreciate an equivalent gain

A good sold at a price below the current market cost. This pricing is often used to lure shoppers into […]