Adopter Categories Are Classifications of Individuals Within a Market on the Basis

question 80

Multiple Choice

Adopter categories are classifications of individuals within a market on the basis of their innovativeness.Recently Apple introduced the iPhone for which people waited in long lines before the doors opened.According to experts these 2.5% of people who bought the iPhone are categorized as:

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

---

Definitions:

Marginal Product

The additional output resulting from the use of one more unit of a productive resource.

Market Wage Rate

The prevailing rate of pay offered for a certain job in the labor market, which can vary based on location, industry, and job requirements.

Bricklayers

Tradespeople who lay bricks to construct brickwork. This involves setting bricks in mortar to build walls, partitions, chimneys, and other structures.

Equilibrium Market Wage

The wage rate at which the quantity of labor supplied equals the quantity of labor demanded.