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Competition in markets that exhibit network externalities may sometimes lead to a clear winner, while other times competition persists. (1) Explain what path dependence is

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Competition in markets that exhibit network externalities may sometimes lead to a clear winner, while other times competition persists. (1) Explain what path dependence is and how it may determine the outcome. (2) Discuss the factors that may lead to a standard eventually arising. (3) Illustrate under which conditions compatibility may be optimally chosen by firms

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