All of the Following Are Categories of Consumers Identified in the Diffusion

question 106

Multiple Choice

All of the following are categories of consumers identified in the diffusion process EXCEPT _____.

• A) nonadopters
• B) early adopters
• C) laggards
• D) innovators
• E) late majority

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Definitions:

Inelastic

Describes demand or supply that is relatively unresponsive to price changes, meaning quantity demanded or supplied changes little when price changes.

Unitary Elasticity

A situation where a one percent change in the price of a product results in a one percent change in the quantity demanded.

Federal Excise Tax

A tax imposed by the federal government on the sale of specific goods and services, such as gasoline, cigarettes, and alcohol.

Tax Revenue

Income that the government receives from taxation of individuals and businesses.