When a Company Becomes Aware That a New Product Is

question 232

Multiple Choice

When a company becomes aware that a new product is being test marketed by one of its competitors in St. Louis, it decides to create a similar product and rush it to market. This company can be described as a(n) :

• A) copycat.
• B) innovator.
• C) me-too imitator.
• D) first mover.

---

Definitions:

Productivity

The measure of efficiency in converting inputs into useful outputs in production.

Input Demand Curves

Graphical representations that show the quantity of inputs a firm demands at different input prices.

Rent

Payment, typically made monthly, for the use of land, a building, an apartment, an office, or other property.

Potential Users

Individuals or entities that could use or benefit from a product or service but have not yet done so.