Adopter Categories Are Classifications of Individuals Within a Market on the Basis

question 13

Multiple Choice

Adopter categories are classifications of individuals within a market on the basis of their innovativeness. When Apple introduced the Apple watch people waited in long lines before the doors opened. According to experts, those people can be categorized as:

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

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Definitions:

Profit-Maximizing

The process or strategy of adjusting production and pricing to achieve the highest possible profit.

MR = MC

A condition where the marginal revenue (MR) equals marginal cost (MC), which is the profit maximizing level of output for a firm under perfect competition.

Marginal Revenue

The increased income derived from the sale of one extra unit of a good or service.

Marginal Cost

The change in total cost that arises when the quantity produced is incremented by one unit.