Which of the Following Statements Is True of Opinion Leaders

question 44

Multiple Choice

Which of the following statements is true of opinion leaders?

• A)They most likely belong to the late majority category of adopters.
• B)They speed up the diffusion process through word-of-mouth communication.
• C)They are distinguished by demographics.
• D)They have the longest adoption time and the lowest socioeconomic status.

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Definitions:

Equilibrium Price

The cost at which the amount of a good consumers want to buy matches the amount producers are willing to sell, achieving a state of equilibrium in the market.

Allocative Efficiency

A state of the economy in which production is in line with consumer preferences; every good or service is produced up to the point where the last unit provides a benefit to consumers equal to the cost of producing it.

Production Methods

Various techniques and processes used to create goods and services.

Allocative Efficiency

A state of the economy in which production represents consumer preferences; specifically, every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it.