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Mention the Factors That Determine the Speed of the Adoption

question 25

Essay

Mention the factors that determine the speed of the adoption process of an innovative product or service.


Definitions:

Diminishing Returns

The property whereby the benefit from an extra unit of an input declines as the quantity of the input increases.

Economic Growth Rates

The rate at which a nation's Gross Domestic product (GDP) grows or declines.

Economic Growth Rates

Measures the rate of growth in a country's economy over a specific period, often expressed as a percentage increase in real GDP.

Future Innovations

Anticipated advancements and new technologies that are expected to occur in the future.

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