Joseph, a Student of the Columbia University, Finds Many of His

question 7

Multiple Choice

Joseph, a student of the Columbia University, finds many of his classmates have purchased the I-pad tablet PC from Apple Computers. I-pad, launched a few months before has been identified as a very useful product and many students in the U.S. have rated it highly. Considering all these, Joseph also decides to purchase an I-pad. Which of the following is the adopter group to which Joseph belongs?

• A) early adopter
• B) innovator
• C) late majority
• D) laggard
• E) early majority

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Definitions:

Total Revenue

The total amount of money received by a company from selling its goods or services before any costs or expenses are deducted.

Upsloping Line

In economics, represents a graph where the value or quantity increases as another variable increases, often seen in supply curves.

ATC Curves

Graphs that depict the average total costs of production at different levels of output, illustrating economies or diseconomies of scale.

Purely Competitive

A market structure characterized by a large number of sellers offering identical products, where no single seller can influence market prices.