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Ed purchases new technological devices such as PDAs,DVRs,and MP3 players after many people he knows already own the devices.However,Ed is rarely among the last people he knows to purchase a new technology.Ed is part of the late majority adopter group.
Price
The pecuniary sum needed, anticipated, or disbursed for purchasing something.
Demand Curve
A Demand Curve illustrates how the quantity demanded of a good or service varies with its price, typically showing an inverse relationship.
Quantity Demanded
The overall volume of a product or service that individuals are inclined and financially able to acquire at a determined price.
Decrease
A reduction in amount, size, strength, or frequency.
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