The Largest Numbers of Product Adopters with Respect to the Diffusion

question 244

Multiple Choice

The largest numbers of product adopters with respect to the diffusion of innovation are found among

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

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Definitions:

Marginal Rate of Substitution

How quickly a person agrees to trade one product for a different one to preserve their overall happiness.

Satisfaction Maximized

The point at which an individual achieves the highest level of satisfaction or utility from the consumption of goods or services.

Consumption Change

A variation in the total amount of goods and services that households and individuals are willing and able to consume over a certain period.

MRS

The Marginal Rate of Substitution is the rate at which a consumer is willing to exchange units of one good for units of another good while maintaining the same level of utility.