The Category of Innovators Differs from the Category of Early

question 14

Multiple Choice

The category of innovators differs from the category of early adopters in that early adopters:

• A)help the product gain market acceptance by spreading positive word of mouth.
• B)enjoy taking risks and are not price sensitive.
• C)want to be the first on the block to have a new product or service.
• D)tend to enjoy novelty and purchase a product after careful review.
• E)are regarded as highly knowledgeable as they keep themselves well informed about the
• Different product categories.

---

Definitions:

Cost of Goods Sold

The direct financial burdens of producing the commodities a company sells, involving materials and labor input.

Work in Process Inventories

Goods that are partially completed in the manufacturing process but not yet ready for sale.

Standard Cost System

A cost accounting system that assigns costs to products based on predetermined standards for materials, labor, and overhead.

Work in Process

Inventory consisting of items that are in the process of being produced but are not yet completed.