The Concept of the Diffusion of Innovation Shows How a Product

question 345

Multiple Choice

The concept of the diffusion of innovation shows how a product "diffuses" or spreads through the population over time.The consumer population is divided into five categories of product adopters based on when they adopt (i.e. ,first buy) a new product.Each product adopter category has a unique profile.Consumers who are venturesome,highly educated,and use multiple information sources are called __________ product adopters.

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

---

Definitions:

Alternative Combinations

Alternative combinations refer to different ways that resources can be allocated to produce varying outputs of goods and services in an economy.

Indifference Curve

A graphical representation showing combinations of two goods between which a consumer is indifferent, reflecting equal levels of utility.

Utility Analysis

An approach in economics that assesses the satisfaction or benefit a consumer receives from consuming goods or services.

Numerically Measurable

Characteristics or quantities that can be quantified or expressed using numbers.