In Terms of the Five Characteristics of Innovations That Affect

question 67

Multiple Choice

In terms of the five characteristics of innovations that affect the rate of adoption,the digital camera would most clearly have a higher degree of ________ than flavoured bottled water.

• A)compatibility
• B)tangibility
• C)complexity
• D)comparability
• E)comparative advantage

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Definitions:

Short-Run Supply Curve

The short-run supply curve represents the relationship between price and quantity supplied over a short period, during which at least one input, such as plant size, is fixed.

Optimal Output

The level of production at which a firm maximizes its profits, determined by equating marginal cost and marginal revenue.

Market Price

The current market valuation at which services or products are exchanged.

Minimum Price

A set floor on the price at which a good or service can be sold, often used to ensure fair compensation for producers or to avoid market collapse.