Figure 11-5 -Consumers Represented by "C" in Figure 11-5 Above Are Called

question 284

Multiple Choice

Figure 11-5
-consumers represented by "C" in Figure 11-5 above are called __________.

• A) innovators
• B) late majority
• C) early majority
• D) early adopters
• E) laggards

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Definitions:

Total Fixed Costs

Costs that do not vary with the level of output or sales in the short term, including expenses such as rent, salaries, and insurance.

Profit-seeking

The pursuit of activities that are expected to result in financial gain or increased profitability.

Profit-maximizing Output

The level of production at which a company can achieve the highest level of profit given its costs and the market price of its product.

Competitive Firm

A business that operates in a market where it has numerous competitors and cannot set prices but rather accepts market prices.