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The Persistence of Internal Combustion Engines
For decades, the vast majority of personal vehicles have used gasoline-powered internal combustion engines. This has led to the development of an extensive network of gas stations, mechanics specializing in these engines, and established manufacturing supply chains. In this context, explain why a new, technologically superior, and more environmentally friendly type of vehicle might struggle to become the dominant standard, even if it offers long-term benefits.
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Introduction to Macroeconomics Course
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The Economy 2.0 Macroeconomics @ CORE Econ
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Keyboard Layout Persistence
Imagine a city where two competing, incompatible ride-sharing apps exist: 'RideFast' and 'GoQuick'. GoQuick offers a more efficient algorithm, resulting in shorter wait times and lower fares for users. However, RideFast was the first to launch and captured a large majority of both drivers and riders early on. Now, new riders tend to choose RideFast because it has more available drivers, and new drivers sign up for RideFast because it has more potential riders. Despite GoQuick's superior technology, it struggles to gain market share. Which of the following best explains why the market remains dominated by the less efficient app?
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The Persistence of Internal Combustion Engines