Diffusion of Innovation Is the Macro Process by Which the Acceptance

question 91

True/False

Diffusion of innovation is the macro process by which the acceptance of an innovation takes place among members of a social system over time.

---

Definitions:

Lake Cabin

A dwelling located by a lake, often used as a vacation or weekend getaway.

Utility Function

A mathematical representation in economics to capture the preference of consumers by assigning numerical values to different bundles of goods, indicating their level of satisfaction or happiness.

Rational Consumer

An individual who makes spending decisions to maximize their satisfaction or utility, based on their preferences and budget constraints.

Demand

The desire and ability of consumers to purchase goods and services at different prices, contributing to determining the market demand.