There Are Several Reasons a Consumer Would Be Reluctant to Adopt

question 63

Multiple Choice

There are several reasons a consumer would be reluctant to adopt a new product. For example, a consumer might be reluctant to adopt a new product because of a risk barrier, which occurs when

• A) there is no incentive to change.
• B) there are physical, economic, or social fears.
• C) there are cultural differences.
• D) the financial commitment is too great.
• E) the product is not consistent with existing habits.

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Definitions:

Invisible Hand

A term coined by Adam Smith to describe how individuals' pursuit of self-interest in free markets leads to economic benefits for society as a whole.

Majority Voting System

A voting system in which decisions are made based on the preference of more than half of the voters, commonly used in elections and other decision-making processes.

Public Good

A good that is non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others.

Majority Vote

A decision rule where the option that receives more than half of the votes wins, commonly used in elections and other decision-making processes.