Which Consumer Group Resists Trying New Products

question 49

Multiple Choice

Which consumer group resists trying new products?

• A) Innovators
• B) Early adopters
• C) Early majority
• D) Late majority
• E) Laggards

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Definitions:

Invisible Hand

Adam Smith's metaphor describing the self-regulating nature of the marketplace that guides individuals to unintentionally benefit society through personal gain.

Principal-Agent Problem

A dilemma in relationships where one party (the agent) is supposed to act in the best interest of another (the principal) but may have an incentive to act in their own self-interest instead.

Political Corruption

The misuse of public power or position for personal gain, undermining the integrity and fairness of political processes.

Public Choice Theory

The economic analysis of government decision making, politics, and elections.