Laggards are the last to adopt a new product according to which concept in economics?

• A. Opportunity Cost
• B. Production Possibility Frontier
• C. Law of Demand
• D. Diffusion of Innovation

Answer: (D)

Verified step by step guidance

1. Understand that the question is about the behavior of consumers in adopting new products over time.
2. Recall that the 'Diffusion of Innovation' theory explains how different groups of people adopt new technologies or products at different times, including innovators, early adopters, early majority, late majority, and laggards.
3. Recognize that 'laggards' are the last group to adopt a new product according to this theory, which describes the spread of new ideas and technologies through a population.
4. Note that the other options (Opportunity Cost, Production Possibility Frontier, Law of Demand) relate to different economic concepts and do not specifically address the timing of product adoption.
5. Conclude that the concept explaining laggards as the last to adopt a new product is the 'Diffusion of Innovation'.