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Isn't there a practical limit on how many sockets you can have in a power strip ?

Given that AC power is P=VI(cos

*φ*), each socket in the strip will consume P supplied from one single wall socket. That means, the wall socket will have to deliver as much current as required by all the sockets in the strip. And, therefore, the number of sockets that can be supported is dependent on the number of Ampere limit of a house-hold.

Is this correct ?