For Any Product to Be Successful, It Must Be Purchased

question 193

Multiple Choice

For any product to be successful, it must be purchased by

• A) early adopters and laggards.
• B) early majority and late majority.
• C) late majority and laggards.
• D) innovators and early majority.
• E) innovators and early adopters.

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Definitions:

Circular-Flow Diagram

The circular-flow diagram is an economic model illustrating the flow of goods and services, income, and payments between households and businesses in an economy.

Simple Economy

An abstract economy with few components, simplifying analysis of economic principles.

Households

The basic economic units consisting of all individuals who live together and make joint decisions on consumption and labor supply.

Firms

Entities that produce goods or provide services, typically with the aim of making a profit.