The 34% of Consumers Who Adopt an Innovation After the Early

question 40

Multiple Choice

The 34% of consumers who adopt an innovation after the early adopters are called the:

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

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Definitions:

Long Run

A period where all inputs or factors of production can be varied, allowing full adjustment to changes in the market or economy.

Short Run

A period in economics where at least one input is fixed and cannot be changed by the firm.

Market Price

The price at which a good or service is offered in the marketplace, determined by supply and demand dynamics.

Units

Basic measurement or quantity of a product, used to track inventory, production, and sales in various contexts.