Billi Likes to Be Cutting-Edge When It Comes to Electronics

question 37

Multiple Choice

Billi likes to be cutting-edge when it comes to electronics. He likes to be the first to try new technologies and is willing to pay a higher price than the average person. He is best classified as a(n) :

• A) innovator.
• B) early adopter.
• C) early majority.
• D) laggard.

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Definitions:

Monopolistic Competition

Monopolistic competition is a market structure characterized by many producers selling products that are similar but not identical, allowing for some degree of market power and product differentiation.

Economic Inefficiencies

Situations where resources are not used optimally according to consumer preferences, often leading to wasted resources or unmet demands.

Product Variety

Refers to the different types and variations of products available in a market or offered by a company.

Excess Capacity

A scenario where a firm’s production capability exceeds the demand for its product, often leading to inefficiency and increased costs.