The ________ Diffusion of Innovation Group Is Crucial Because Few

question 3

Multiple Choice

The ________ diffusion of innovation group is crucial because few new products can be profitable until this large group buys them.

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

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Definitions:

Nonexcludable

A characteristic of public goods: Once a good is produced, no one can be excluded from enjoying its benefits.

Marginal Social Benefit

The additional gain to society as a whole from consuming or producing one more unit of a good or service.

Marginal Social Cost

The additional cost imposed on society as a whole by producing one extra unit of a good or service.

Nonrival

A good or service that can be consumed by one individual without preventing the consumption of the good by another individual.