Which of the Following Statements Is True About Customer Categories

question 25

Multiple Choice

Which of the following statements is true about customer categories in the context of growing industries?

• A)Laggards frequently adopt new products even when the benefits are not obvious.
• B)Innovators are the customers who are the last ones to adopt a new product.
• C)A typical late majority customer group is a behaviorally conservative set of customers.
• D)Customers in the early majority generally do not understand the value of new technology.
• E)Laggards form the leading wave or edge of the mass market.

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Definitions:

Long-run Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied over a long period, when all inputs can be varied.

Profit per Unit

Is the difference between the selling price of a product and the cost to produce it, expressed on a per-unit basis.

Perfect Competition

Perfect competition describes a market structure where numerous small firms compete against each other, and goods are homogeneous, leading to no single firm having market power and prices being determined purely by supply and demand.

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs.