Innovators Are NOT

question 51

Multiple Choice

Innovators are NOT .

• A)people who like to boast about being the first to try a new product
• B)the last people to try a new product
• C)younger than others in the population
• D)typically described as worldly
• E)typically better educated than other segments in the population

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Definitions:

Marginal Product

The additional output resulting from the use of one more unit of a production input, holding other inputs constant.

Factor Market

A marketplace for the services of a factor of production, such as labor, capital, or land, essential for production processes.

Equilibrium Value

The price or value at which the quantity supplied is equal to the quantity demanded in a market.

Marginal Productivity

The increase in output resulting from a one-unit increase in the input, holding all other inputs constant.