Question: What are network effects? Define the term and briefly explain the relevance they hold in an economic context. Explain the difference between same-side exchange benefits

  1. What are network effects? Define the term and briefly explain the relevance they hold in an economic context.
  2. Explain the difference between same-side exchange benefits and cross-side exchange benefits. Then, explain the difference between a one-sided market and a two-sided market. Provide an example of one-sided and two-sided market that is not discussed in your textbook.

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